Published: 16/12/2020Considering how unpredictable the year has been it's positive news to confirm that there's been back-to-back record-breaking months as November 2020 becomes the busiest November on record for housing demand and sales.
The number of potential buyers increased by 29 per cent from October, from 451 to 580, making it the highest number recorded since August 2004.
With September, October and now November all reporting unprecedented figures, it shows the effect the Stamp Duty, Land Transaction Tax and Land and Buildings Transaction Tax holidays have had on the UK housing market, encouraging an influx of prospective buyers to attempt moving home before the 31 March 2021 deadline.
Record demand, record sales
The average number of sales agreed per estate agent branch increased to 13 from 12 in October, making it the highest figure on record since November 2002, which also stood at 13.
Year-on-year for the month of November, the average number of sales per branch has increased by a staggering 86 per cent, a sign of how unusual this amount of activity is for this time of year when traditionally the market slows down over the festive period.
First-timer Buyers and prices
The number of sales made to First-Time Buyers stood at 24 per cent in November, rising from 21 per cent in October. However, this is a slight reduction from 2019 where there were 28 per cent of sales made to First-Time Buyers.
In November, 10 per cent of properties sold for more than the original asking price, a slight rise from October, when seven per cent of properties sold for above the original asking price.