UK house sales up a third since last year

Property sales in the UK were more than a third higher in July this year than July 2021, shows new statistics from HMRC.

The number of property deals hit 110,970 in July 2022, an increase of 7% compared to June of this year. This is likely due to buyers rushing to complete purchases in order to lock in competitive mortgage interest rates ahead of expected rate increases.

The market has also been particularly active over the summer as the post-pandemic shuffle continues. Prospective buyers who left the capital or nested in rental accommodation during Covid are returning or choosing to remain in the capital as office-based work returns. The opening-up of London’s unrivalled entertainment and leisure scene is another reason the capital is such an attractive destination for renters.

Stephen Ludlow, Chairman at ludlowthompson says: “It is very likely that the recent flurry of activity in the property market is due to buyers keen to secure their position on the ladder before interest rates rise any further.”

“Younger buyers who are fortunate enough to have support from the Bank of Mum and Dad are able to secure a more favourable loan-to-value (LTV) on their mortgage. A lower LTV gets you access to the best mortgage deals. First time buyers can find some great deals through Jigsaw mortgages.”

Penrith Building Society is currently offering a 4.82% APRC, discounted to 1.75% for two years for buyers requiring 80% LTV. Also for those with a 80% LTV, Bath Building Society is offering 1.99% for two years, after which the interest will be 5.99%. For first time buyers with a 75% LTV, Newbury Building Society is offering a 1.99% rate for three years, after which it will revert to 4.1%.
_______

We received 620 5-star Google reviews in 2021.

Top UK ranked agent with 6,500+ positive reviews on the ‘allAgents’ industry-leading customer review website.

ludlowthompson staff are measured by how our customers rate them via 1,000s of questionnaires.

Every single questionnaire is read by Stephen Ludlow and David Thompson.

From Max via Google Review  

“I am very grateful to the team at Ludlow Thompson Dulwich, who guided us through what could have been a stressful process with professionalism and attentiveness. It means a lot to feel this taken care of, it's rare to find such a personal level of service. Thank you.”

From Charlotte Hateley via Google Reviews  

“We bought our property with Ludlow Thompson a few years ago and have since sold the same property with them. By far the best estate agents in our area and highly recommend them. We shall definitely be using them again in the future.”