Buyer demand was double normal level at end of March

Mortgage Introducer

April 6, 2021

UK houses

Demand from homebuyers for conveyancing quotes was 101% higher at the end of March than the average for the same date during the previous four years (2017 – 2020), according to data from reallymoving.

Conveyancing quote volumes began to accelerate around Budget Day (3 March) when the Chancellor announced an extension to the existing stamp duty holiday.

The volume of first-time buyers seeking conveyancing quotes also accelerated sharply in the last month with demand accelerating throughout March and ending the month some 111% higher.

Rob Houghton, CEO of reallymoving, said: “It’s a strong seller’s market and demand is continuing to grow as we head further into spring, encouraged by the launch of government-backed 95% loans and the stamp duty holiday extension.

“Many homebuyers have cash in the bank, money is cheap to borrow and, with the end of lockdown in sight, people are feeling optimistic about a future where they may be less tied to an office-based nine to five, giving them greater freedom to live where they choose.

“The housing market is usually a reliable indicator of consumer confidence and if this level of demand is anything to go by, the Chancellor may get the summer consumer spending spree he’s hoping for.”

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