With the stamp duty holiday lasting until spring of next year, there is plenty of time for buyers and vendors to engage the market. However, when there is a deadline in place, you cannot blame people for looking to act sooner rather than later.
Also, it is not unreasonable to assume there might be delays in the housing market at this moment because of social distancing. Also, the mortgage lender market isn’t at full capacity after what has been an extremely challenging time for that sector.
However, even with all these barriers, there is information that the property market is operating very quickly right now. Houses are selling fast, so if you are contemplating putting your home on the market, this might be the ideal time for you to do so.
Any homeowner that is looking to sell their Finchley home should contact David Harris & Co as soon as possible. We can provide you with a property valuation, that is the ideal starting point in connecting with buyers.
Information from recently released data from Rightmove indicates:
· Vendors are finding a buyer within one week of placing their home on the market faster than at any point in the past decade
· One in seven properties sold by an agent sold within one week of being listed on the portal, an increase from one in ten in 2019
· 30% of homes sold within two weeks of marketing, an increase on the 21% of properties in 2019
· 19% of three-bedroom homes took less than one week to sell, which is an increase on the 13% recorded in 2019
· The percentage of four-bedroom homes which sold in a week increased from 7% in 2019 to 14% in 2020
These are interesting times in the UK housing market
Miles Shipside, Rightmove’s property expert, comments on the findings: “Not only are more properties selling in the current market than at any time over the past ten years, but many sellers are finding that demand for homes following lockdown and the rush to beat the stamp duty deadline means they’re achieving a quicker sale, but only if they’ve been priced correctly. Not every home sells, but those that are well presented by agents, are on at the right price, or are just lucky enough to be in demand are among a record number of homes selling within the first week of coming to market since we started tracking this data ten years ago.”
Make an informed decision in the housing market
At David Harris & Co, we are pleased to say we have helped many buyers and vendors make an informed decision in the housing market. Whatever questions you might have, please feel to contact us and we will do our best to support you.
Miles Shipside also said; “There’s no point rushing a home to market without carefully thinking through the best way to market it and making sure it looks its best, which is something an expert local agent can help with. However, sellers do need to move more quickly than before because although we’re in unchartered territory with record activity it’s still likely that demand will start to soften as it always does towards the end of the year.”
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today.
