'42 offers in 24 hours': Homes buying frenzy not seen since 1988

Sold sign displayed outside a terraced house

The property market is particularly buoyant at the moment, with the number of ‘sold’ signs outnumbering their ‘for sale’ counterparts - Credit: Getty Images/iStockphoto

A Norfolk estate agent says the housing market shows no sign of cooling - after he received 42 offers from buyers in a day.

It comes as the number of homes bought and sold last month reached a staggering 213,120 - the highest monthly figure since October 1988.

The figures released by the HMRC for June recorded the sixth highest monthly figure in the past 40 years. The stamp duty holiday combined with the pandemic and low cost of borrowing are all thought to have contributed to the high number of transactions.

Jamie Minors, who runs Minors & Brady estate agency with offices across Norfolk and Waveney, said: "We are still seeing fantastic demand despite the stamp duty holiday partially ending.

Jamie Minors, right, and Alex Brady, left of Minors & Brady. Pic: Minors & Brady/Archant library

Jamie Minors, right, and Alex Brady, left of Minors & Brady. - Credit: Minors & Brady

"People are still relocating to Norfolk, investors are investing, first time buyers are getting onto the ladder with affordable lending and the 30-40-year-olds are still keen to move with their growing families.

"The stamp duty was a great benefit, however the culture of wanting a better home is only getting stronger, hence we have received 42 offers in just 24 hours across four of our branches.

"The stock levels now are alarmingly low. Some agents I can see have two or three houses for sale so this will lead to further price rises.

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"From January 1 to the end of June we sold 1,067 properties, and we're just 'little old Minors & Brady.'"

Lucian Cook, head of residential research, Savills, said: "It shows just how much a pre-announced stamp duty measure can distort market activity.

"This time that impact has been magnified because of an urgency among buyers in the middle to upper part of the housing market to upsize given their experience of successive lockdowns, further fuelled by an ability to lock into low mortgage rates. 
"The impact is far greater than in March 2016 when the 3pc stamp duty surcharge was introduced, especially when you consider there were over 174,000 transactions in March of this year, the original planned date for the stamp duty holiday to end.
"We expect to see a third, peak in transactions in September when the final remnants of the stamp duty holiday come to an end, but given that the maximum saving has fallen from £15,000 to £2,500 it is likely to be less pronounced."

Back to 1988

1988 was a crucial year in the early history of the internet with the first ever computer virus and discussions over the world wide web.

Ronald Reagan and Margaret Thatcher

Ronald Reagan was US president and Margaret Thatcher, Britain's prime minister in 1988 - Credit: PA

Ronald Reagan was US president and Margaret Thatcher was Britain's prime minister.

Nelson Mandela was 70 years old and still in prison.

A NASA scientist testifies to the US senate that man-made global warming has begun - becoming one of the first environmentalists to warn of the problem.

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The Last Emperor won the Best Film at the Oscars in 1988 - Credit: PA

The Last Emperor won Best Film at the Oscars.

The average house price was £153,146.

The Piper Alpha production platform in the North Sea was destroyed by explosions and fires, killing 165 oil workers and two rescue mariners. 

Al-Qaeda is formed by Osama bin Laden.

The Clapham Junction rail crash in London kills 35 and injures 132.

And four days before Christmas Day, Pan Am flight 103 is blown up over Lockerbie, Scotland, killing 270 people.