The stamp duty holiday has created significant demand for property in and around London, but did you know homes are also selling fast at this point in time. The presence of a deadline for the stamp duty holiday means many buyers and vendors are keen to conclude deals as soon as possible, but homes are selling fast.
If you plan on buying or selling property soon, it makes sense to be ready for a swift move.
The UK housing market is moving swiftly
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
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.”
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.”
Three-bedroom properties are in high demand
While there is significant demand across the market, it is fair to say some homes are in greater demand than others. Given the changes in buyer needs and requirements, it is no surprise to learn three-bedroom semi-detached homes are selling quickly.
Buyers are currently looking for larger homes with a garden space. These property types fit perfectly with current buyer requirements, and the market figures provide evidence that these houses are in high demand.
Miles Shipside explained; “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.”
If you have any questions or queries about the housing market, it is best to call on experts for support. We are still available to help you, while following social distancing guidelines, so feel free to contact us if you need to. We can arrange a free valuation for you, and if is this of interest, please contact Residential London today.
We have a team of qualified professional property consultants specialising in real estate across the capital. We are active in Westminster, The City of London, Kensington & Chelsea, Hammersmith & Fulham, Wandsworth, Lambeth, Islington, Southwark, Tower Hamlets, Greenwich, Newham, Hackney and many more London locations.
You can call us on +44 (0)20 3733 3817 or email us on firstname.lastname@example.org