The housing market is, in relation to many other sectors, in rude health - Comment on the BoE money and credit figures for July from Richard Pike at Phoebus Software

01 September 2020

Following the Bank of England figures this morning, here’s a comment from Richard Pike at Phoebus Software. I hope you find it interesting for your reports today:

Richard Pike, Phoebus Software sales and marketing director, says “As July was the first month that the stamp duty holiday came into effect the impetus that we expect it to give to the market was not particularly evident in these figures from the Bank of England. However, all the evidence points to a continued recovery with many estate agents reporting a surge in properties coming to market.

“The number of properties coming to market reflects many different scenarios, are people selling because they can get a better price while the stamp duty holiday is in effect, or are some having to sell because of a change in their circumstances. The fact that people are continuing to pay down their debt shows a level of preparedness as we near the end of the furlough scheme and for many the prospect of redundancy. For now, the housing market is, in relation to many other sectors, in rude health, and likely to remain that way at least until next April.”