The stamp duty holiday deadline is causing buyers and vendors to move fast, but not many people would have expected such a significant change in the market this quickly. In figures provided by a leading property portal in the UK, there has been a sharp rise in the number of homes selling within one week of being listed.
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.”
Make an informed decision in the housing market
While it is positive to see house deals completing fast, you should never rush into a property transaction. Yes, there is a deadline for the stamp duty holiday, but buying or selling a home is a significant decision.
You should call on the experts for help, and at The Good Estate Agent, we are happy to ensure you make an informed decision. With our help, you can make an informed decision quickly, without compromising on the quality of decision you make.
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.”
Some homes are in greater demand than others
Not all homes are equal, and demand isn’t the same for all property types. The types of property which are in significant demand right now have been explained by Miles Shipside from Rightmove.
Miles said; “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 plan on selling your home, contact us, and we will be more than happy to assist you.
Whatever your circumstances are, or what move you would like to make next; we are here for you. The Good Estate Agent prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your home, contact us today online or by calling us on 0330 223 0670.