If you have recently decided to sell your property, then you have a great talent for timing, or you are just sick of waiting around! Now is a fantastic time to put your home on the market as weekly property sales in the UK are currently higher than at any point since 2010. Rightmove suggested that, between the 8th of July and the 31st of August, one in seven properties were sold by agents within just ONE WEEK of being listed and under thirty percent of homes are being sold within the first two weeks.
Prior to the pandemic we stated that the market did not need rising prices, it needed rising transaction volumes. With the introduction of the Stamp Duty cuts there is now a very busy property market. The hike in property sales is perhaps primarily linked to COVID-19 pushing thousands of families from the cities to quieter rural areas, or at the very least pushed them to reconsider what they want from their homes. This opinion can be established by statistics from London – which is currently the slowest UK city, where only one in nine homes are being sold within their first week on the market. Additionally, the rise in sales may be largely attributed to the temporary stamp duty holiday proposed by Chancellor Rishi Sunak. This tax break means that thousands of people are now looking to move home before the deadline in 2021.
So, what do you need to do to make the most of this buoyant market? Well firstly if you are looking to capitalise on the stamp duty saving then act now, whilst house sales are coming thick and fast the transaction time is increasing due to Surveyors, Mortgage Brokers and indeed some agents and Solicitors only recently being brought back from Furlough or even not yet. Simply this market has caught many on the bounce and the backlog and work load is substantial so things are taking even longer than normal. There is rumour that to benefit from the SDLT saving that your home needs to be UO by the end of October.
The deadline does not end for another six months, but getting your property ready, finding a buyer and the conveyancing processes does not allow for much time for error! This is where Houso can help you move quickly – you can liaise directly with buyers and agree on sale much quicker. You can also upload all documents to our secure portal meaning there’s no need to rush around trying to find a certificate – it will be ready for you in your library.
If you haven’t already, you can download the Houso App for free. We are currently helping sellers get their homes online, we are the only platform where you can test the water and create a listing yourself, opting to save fees and do it yourself, or work in conjunction with a trusted agent.