“Many homebuyers have money in the bank, the money is cheap to borrow and, with the end of the foreclosure in sight, people are feeling optimistic.”

Homebuyers’ demand for divestiture quotes was 101% higher at the end of March than the average for the same period over the previous four years, according to data from Reallymoving.

Transfer quote volumes started to accelerate around Budget Day (March 3) when the Chancellor announced an extension of the existing stamp break and a reduction in the tax savings until the fall, as well as the announcement of a mortgage guarantee system for 95% of loans. By the 19th, listing volumes had reached 51% above average and continued to accelerate to reach 101% more by the end of the month.

Despite the fact that they benefit the least from the extension of the stamp duty holiday, the volume of first-time buyers seeking transfer quotes has also accelerated sharply over the past month. Demand accelerated throughout March, reaching 111% more on March 30 than the average on the same date over the previous four years.

A Canada Life survey in November 2020 found that a third of adult children had returned to live with their parents during the pandemic, offering many a unique opportunity to save for a deposit. They will also be encouraged by several high-profile lenders who are signing up to the government’s new mortgage guarantee program, which means more high-value mortgage choices will soon be available – and fears of further price spikes. caused by the extension of the stamp duty holiday. .

Households have accumulated £ 125 billion in excess savings throughout the pandemic, according to the Bank of England Monetary Policy Report released in February 2021, which equates to an average of £ 5,000 per housework. While many households have been hit hard, a large proportion have seen their financial situation improve dramatically, as incomes have remained secure with few spending options.

At the same time, spending more time at home, including at work, has prompted families to reconsider their home and determine if it meets their current needs – and whether a move may now be a viable option, as some elements of working from home are becoming the norm.

Rob Houghton, CEO of reallymoving, said: “It’s a strong seller’s market and demand continues to grow as we move into the spring, encouraged by the launch of 95% government guaranteed loans and the extension of the stamp duty holiday. Many homebuyers have money in the bank, money is cheap to borrow, and with the end of the foreclosure in sight, people are feeling optimistic about a future where they might be less tied to a home office. 9 to 5, which gives them more freedom to live where they choose.

“The housing market is generally a reliable indicator of consumer confidence and if that level of demand is sufficient, the Chancellor could get the summer consumer spending spree he’s hoping for.”