SDLT Holiday Sees Homes Selling In A Week At 10 Year High
Recent analysis conducted by Rightmove has shows that the number of homes selling within a week of coming to the market is 125% up compared to the same period last year, and is the highest number recorded over the last 10 years.
The previous high was recorded back in February 2016 and was up 97%, but this was prior to the Brexit vote.
Rightmove analysed over 200,000 properties that sold between 8 July and 31 August 2020 to reveal the impact of the temporary stamp duty holiday.
One in seven properties sold by agents did so within a week of being listed on Rightmove, up from one in ten in 2019.
Just under one third (30%) of homes sold within the first two weeks of marketing, compared with one in five (21%) in 2019.
Miles Shipside, Rightmove’s Property Expert, said:
“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.
“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. The conveyancing log-jam created by the pause and subsequent market surge means that people thinking of coming to market really need to do so in September or early October if they want to have a chance of completing with enough time to beat the stamp duty deadline. Six months may seem like a while away now, but getting your property ready to sell, finding an agent, marketing the home, finding a buyer and then going through the conveyancing process doesn’t leave much time for any unexpected delays along the way, especially if you’re in a chain.
“Sellers of three bed semi-detached homes are in the sweet spot of the market, as they benefit from being the most in demand and the most likely to sell within a week. The bigger, top of the ladder homes are also proving more popular, though some of this may be a result of home-movers in wealthier areas who would usually have been on holiday bringing their plans forward.”