It has been reported that the property market in the UK is more active than usual for this time of year, with many people putting their Christmas shopping on hold to get on with the more important matter of getting a house.
Officials have said that by this time of year the housing market traditionally goes very quiet, as consumers focus their efforts on getting Christmas shopping sorted, but this year has been very different.
The usual trend sees people looking for property in the spring or autumn according to officials, but this year has seen something of a turnaround. According to the Frank Knight estate agency there are a number of factors that may be behind the surge in interest in the property market at this time of year.
One of the things that may be resulting in increased sales could be the lack of competition, with demand for property far higher than supply at the moment.
Another factor that could be affecting rising property sales at this time of year is the rock bottom interest rate, with many people keen to get their hands on a more affordable mortgage deal before the base rate increases again, as it is expected to do next year by many industry officials.
Many are also keen to take advantage of the stamp duty holiday on properties of up to £175,000, which is set to end at the end of this year.
Nick Chivers from the estate agency said: “We are very busy: one house that came on earlier this month at £475,000 had 84 viewings in one week. A lot of people have been paying quite a lot of rent at the same time as not earning much interest on their capital, so their equity lump is being eroded, and that’s partly what’s driving the demand.”
