These areas of the property market aren’t feeling the stamp duty holiday heat
Since the introduction of the stamp duty holiday last July the property market has been booming and this market activity is likely to remain for the duration of the year thanks to a deadline extension announced in last month’s Budget.
However, research from homebuying platform, YesHomebuyers, has revealed that not every area of the property market in England is basking in the heat of this heightened market activity.
Yes Homebuyers analysed the latest data on sales volumes across the nation since July 2020. The research shows that at one end of the market, there have been thousands of transactions taking place, with Leeds (5,355), Birmingham (5,073) and Cornwall (4,843) home to the hottest levels of activity.
Lowest total transactions
Unfortunately, this hasn’t been the case on all fronts and the City of London ranks lowest with just 40 sales taking place. Rutland has also failed to keep pace with the rest of the market, with just 282 sales recorded since July 2020.
Other areas still stuttering from a property market standpoint include Oadby and Wigston (340), Richmondshire (344), Boston (391), Melton (407), North Warwickshire (426), Eden (439), Corby (481), West Devon (482), Adur (484), Slough (484), Harlow (489), Stevenage (489) and Crawley (512).
But it isn’t just the total volume of sales that has highlighted many of the nation’s struggling markets. Yes Homebuyers also looked at where had seen the largest decline in transactions based on the same time period as the previous year.
Biggest year on year declines
In Hackney, a respectable 823 homes have sold since last July. However, when comparing this figure to the same period in 2019, the area has seen the largest decline of all areas in England, with -42.6% less sales taking place.
The City of London isn’t far behind, with just 40 sales since last July, a drop of -39.4% when compared to a year prior.
Salford has seen the largest drop outside of London, with home sales down -37.8% compared to the previous year, with South Derbyshire also seeing one of the largest declines (-36.6%) in England.
Harlow, Crawley, Liverpool, Dartford, East Staffordshire, Nottingham, Bracknell Forest, Southwark,. Boston, Tamworth and Tower Hamlets also rank amongst the areas to have seen the largest decline in transactions since the introduction of the stamp duty holiday.
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:
“There’s no doubt that buyer activity has soared since the stamp duty holiday was introduced and house prices have also climbed considerably as a result.
However, the national property market is hugely diverse and so expecting to sell fast, and expecting to do so at a higher price, should not be assumed simply because the market is performing well at the top line.
While some areas are always going to see a lower level of total transactions taking place when compared to larger towns or cities, it’s clear that Covid is continuing to leave a mark.
Not only is the City of London pretty much six feet under due to the trend of working from home, but many areas are actually seeing fewer sales take place when compared to the previous year.
This highlights the importance of approaching a sale with a level head. Do your research, price your property appropriately and there’s no reason you can’t find a buyer in any market conditions.
If you’re really struggling to sell, alternative methods such as homebuying platforms can help save the day. While you might achieve slightly less than you would selling traditionally, this money in the bank is far more useful than sitting on the market for months on end hoping for a buyer to make an offer.”