Newcastle sees record month of property buying in September

Newcastle saw a record month of house completed in September despite the end of stamp duty holiday.

North East estate agents Pattison saw buyers rush to complete new home purchases last month.

There was speculation that the market would start to dip once the stamp duty holiday came to an end, with less incentive to invest, but the estate agents recorded a 60% rise in sales compared to the September of 2020.

Managing Director of Pattinson Estate Agents, Caroline Pattinson, says: “With the stamp duty holiday ending on September 30th, we saw an increase of 60% in sales in September, compared to the same month last year, and an 80% rise on the year before. Sales were also up 25% compared to August.”

Pattinson labelled the increase "good news" and also noted a 50% increase in viewing requests from tenants when compared to the year previous.

Viewing requests from buyers remained the same.

She added: "We are confident that the market will remain buoyant in the weeks and months ahead.”

What does remain to be seen is whether there will be enough supply to meet demand, with Pattison saying the market is better suited to sellers right now.

She said: “The biggest issue is a shortage of properties coming on to the market.

“Whilst the number of listings in September was similar to that in August, it was down in comparison to 2020.

"This is good news for those looking to sell their property, as a shortage of supply means lots of vendors are selling within days of hitting the market."