Homes sell fast in booming southern Cumbrian market

There was an “explosion” in the real estate market during the pandemic, according to a real estate agency.

A stamp duty holiday and overshooting housing demand have been cited as the reason for a housing boom in southern Cumbria.

The housing market came to a halt at the start of the pandemic, but subsequently reopened with renewed interest from buyers.

Poole Townsend, which operates in Furness and the Southern Lakes, house prices have risen amid an “explosion of activity” in the market.

Estate agents have looked back about a year since they started selling homes again in June after the ‘brick wall’ of the first foreclosure.

A spokesperson said: “The signs at the start of 2020 were good, the market active and growing steadily, but then the first and most restrictive brick wall hit the lockdown.

“Buyers were always keen to book tours and some sellers still wanted to record reviews.

“But we waited as it should.

“What none of us could have imagined was the explosion of activity that would accompany the reopening of the real estate market.

“The market has exploded.

“All the buyers who were waiting to see started buying and the snowball effect started from there.

“Competition for homes intensified as more and more buyers came into the market.

“New instructions started to come in and the speed of real estate sales picked up.

“The real estate market was on fire and the stamp duty holiday only added fuel to the fire.

“The unprecedented level of sales continued through Christmas with a very short lull for turkey, Christmas pudding and eggnog.

“The new year has arrived and sales have started again.

“The impending stamp duty deadline looms at the end of March, but the brakes are not being applied.

The real estate agency said the homes were being sold so quickly that the weekend wait was “ too long ”.

PC Lettings also reported a huge demand for homes in the rental market and called on landlords to come up with new properties for listing.

More than one in 20 people in Barrow and Furness have moved due to the coronavirus pandemic, an investigation suggests.

Research by think tank Demos showed that 6% of people polled in the region in December said they had recently moved or were planning to do so for reasons related to the pandemic.

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Coy Lewallen

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