40% of new property listings selling within a month

This is a higher percentage than at any time since pre-Covid, most likely fueled by buyers hoping to beat the stamp duty deadline, which has now been extended.

This is in comparison to the previous month, with less than a quarter (24%) of new properties listed in December 2020 selling within 31 days. Across 2020 as a whole, 27% of all new listings went under offer within a month.

Andrews figures also show that instructions were down 5.6% in February compared to January, while viewings crept up 6%.

David Westgate, chief executive of Andrews Property Group, commented: “In January, buyers were keen to progress transactions with the stamp duty deadline a couple of months away focusing minds.

“By February buyers knew it was touch-and-go they would complete in time, and we saw a pull back with buyers choosing to wait and see what the Chancellor would announce in his March Budget.

“Some sellers will have been thinking that buyers would downgrade their offers to compensate for missing out on the stamp duty bonus, which is probably why they chose to delay listing.

"Since Rishi announced the stamp duty holiday would be extended, market activity has been turbo-charged. Buyers and sellers alike are highly motivated to make hay while the sun shines.

“Properties are flying out the door and we fully expect the market to be buoyant all the way through to the end of June, when the £500,000 tax break is reduced to £250,000.”