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Could you sell your house within seven days? Thanks to the stamp duty holiday, you might
The housing market is currently experiencing a record high when it comes to week one property sales thanks to the implementation of the stamp duty holiday, with those looking to sell their home reaping the benefits of this favourable incentive.
According to a recent study, the popularity of the scheme has meant that one in seven properties were sold within the first seven days of marketing, an increase of 125% year-on-year and a 10-year high. The study, conducted by Rightmove, analysed 200,000 properties that were sold between 8th July and 31st August 2020, in an effort to highlight the impact that the Stamp Duty holiday had in a post-lockdown Britain. Offering positive news for sellers with such advantageous results, it seems that now is the time to start the process of getting on the market.
In line with this nationwide success, our branches have seen a dramatic increase in sales within seven and 14 days of properties coming to the market, achieving a 147% increase for the first seven days year-on-year for July, 22% above the national average.
Additionally, our branches have recorded a 157% increase in sales within a two week period, a promising sign for the industry and sellers who are taking advantage of the current demand. August also followed suit with an impressive jump in sales within a seven-day period, up 183% year-on-year, showing the market going from strength-to-strength.
Why is demand so high at the moment?
Since the introduction of the Stamp Duty incentive, the demand for both sellers and buyers has increased as people re-evaluate their current circumstances, whether they have outgrown their current property, want to move out of the family home, or simply need a home office space, many people have been seriously considering their next move.
Recent research would suggest that there is a clear desire for more space, as three-bedroom semi-detached properties are currently the most sought-after with one in five sold within their first week on the market. While four-bedroom detached houses experienced the biggest rise in first week sales, from 7% to 14%.
The great thing about this incentive is it has created a lot of movement in the market for bigger homes should you be looking to upsize and has meant there is more choice for first-time buyers as well as downsizers.
What does this mean for house prices?
It’s a promising sign for those looking to sell as the boost in demand has meant that house prices have increased by 5.2% in August compared to this time last year. Figures also indicate that prices have risen by 1.6% from July to August this year alone, so if you are thinking of selling, now is a great time to find out the value of your home as the market suggests a speedy sale and more return on your investment.
Why are homes selling so quickly?
Due to the Stamp Duty holiday deadline in place, people are trying to get moving in time to take advantage of this fantastic opportunity before it ends. Typically you need to allow approx. 13 weeks for a sale to go through, therefore to complete the sale before the 31st March 2020 deadline your property would need to be up for sale by the end of 2020. This makes it crucial that you start the moving process now to benefit from the Stamp Duty holiday and this reviving market.
If you want to take advantage of the booming housing market right now, you can book a free valuation with us here, or take a look at the properties we have for sale if you’re looking for you next dream home.