The stamp duty holiday continues to fuel strong growth in the housing market, with estate agents recording their busiest October ever, in terms of the number of prospective buyers.  

The NAEA Propertymark monthly housing report also says this has been the most buoyant October for 15 years in terms of sales.

Its figures show that the average number of prospective buyers registered per estate agency branch reached 451. While this figure is slightly down from September’s figure of 525, it is the highest number on record for the month of October, and almost a third higher than the same figure last year. 

The housing report shows that an average of 12 sales were agreed per branch, which is the highest figure recorded for October since 2006. Year-on-year the number of sales per branch has increased by 50 per cent.

These NAEA figures also show that the first-time buyer market remains healthy. In total 21 per cent of these sales were to first-time buyers, an increased proportion on the 19 per cent seen in September. However, this is a six percentage point fall on the proportion of sales to first-time buyers in October 2019. 

NAEA Propertymark’s report shows there has been a slight dip in the supply of available properties, with the average number available per branch standing at 39, marginally less than the 41 available in September.

NAEA’s figures reveal that seven per cent of of properties sold in October went for more than the original asking price. Again this is slightly down from September, where eight per cent of properties sold for more than the original asking price.

The majority (58 per cent) of properties sold for less than the original asking price in October.

NAEA Propertymark chief executive Mark Hayward says: “Typically, we see the property market slow down as we approach the festive period and people put their sale on hold until the New Year. 

“However, the pressure of completing sales ahead of the stamp duty holiday ending means that we have seen the number of potential buyers and f sales completed remain unusually high for this time of year.”

He adds that while this boom has been hugely beneficial for the housing market there are concerns about the impact of a stamp duty cliff edge on 31 March 2021. 

He adds: “This cliff edge has already increased pressure on service providers within the industry, causing delays for buyers and sellers, and could cause thousands of sales to fall through at the final hurdle as buyers realise their sale will not be completed ahead of the deadline.”