COVID-19 Update

Property sales remain buoyant

The residential sales market remains buoyant in Coventry and Warwickshire and is consistent with a recent article released by property website Zoopla. They report that more than 100,000 additional house sales are expected nationwide during the first three months of 2021, as the rebound in the property market continues and buyers rush to complete their purchases before the end of the stamp duty holiday.

The number of new sales being agreed nationally remains 38% higher than it was a year ago, according to property website Zoopla. It predicts the housing market will be the busiest before Christmas than it has been for over a decade. Loveitts are seeing this trend continue locally, with a number of buyers currently registered.

The UK housing market has rebounded since the summer because of pent-up demand following the first UK-wide lockdown, and after the chancellor, Rishi Sunak, decided in July to introduce a stamp duty holiday on properties up to £500,000 until March 2021.

The flurry of interest from potential buyers has seen an increase in house prices, the highest level of growth for almost three years, and is set to increase further by the end of 2020.

Loveitts Director Paul Barnes comments: “The market remains buoyant and despite Christmas being around the corner we are seeing very high interest for properties for sale, and viewings are still being conducted on the majority of our stock. I can see demand still being high in the new year and I would strongly suggest anyone contemplating selling their house or apartment to contact us to arrange a free market appraisal.”