British Summer Time set to bring a further boost to the property market

It’s not just the extension of the stamp duty holiday that is going to boost the property market over the coming months, research by Ascend Properties, has revealed that the arrival of British Summer Time could also push up the temperature. 

Ascend Properties analysed market data on transaction levels and sold prices during both British Summer Time (BST) and Greenwich Mean Time (GMT) in 2020. 

The data shows that across England, there were 282,131 homes sold during the British Summer Time period of 29th March and 25th October last year, a huge 51% more than those sold during the rest of the year. 

The biggest market boost during the summer period came in the North East, where 62% more homes sold during British Summer Time when compared to the rest of the year. 

Yorkshire and the Humber saw 57% more transactions during BST, with the East Midlands (55%), North West (54%), South West (52%) and West Midlands (51%) also seeing 50% more properties sell during the summer. 

While London was home to the lowest increase, there were still 42% more properties sold during the summer period when compared to the rest of the year. 

However, Ascend’s research shows that it’s not just transaction levels that could be due to increase in the coming months. 

Last year, the average sold price achieved in the East Midlands increased by 3% during BST, with the South East (2%), London (2%), the South West (2%), East of England (2%), Yorkshire and the Humber (1%) and North East (1%) also seeing an increase, with homesellers achieving between £2,000 and £10,000 more.

Managing Director of Ascend Properties, Ged McPartlin, commented:

“There’s a reason that the property industry usually braces itself as spring approaches marking what is widely considered ‘the busiest time of year’. 

The market is already moving at an alarming rate due to the stamp duty holiday and the recently announced extension. But as the figures show it will start moving that little bit faster from next week as buyers return to the market from their winter hibernation ready to transact. 

This heightened market activity also brings a benefit to sellers who are likely to secure a better price for their home when selling during British Summer Time. Although current delays caused by such high demand are a concern, they’re unlikely to reduce anytime soon. So our advice to sellers would be to get their home on the market and make hay while the sun shines.”