The State Of The Market
The latest report from Rightmove shows property sales are reaching record levels. Rightmove analysed house sales between July 8th and August 31st. Across the UK more than £37 billion of sales went through in July alone – a 50% increase on the same time last year. The contrast is even starker for homes selling quickly; 125% more homes have sold within a week compared to 2019.
What Kinds Of Homes Are Selling?
Lockdown and increased levels of homeworking have made buyers reassess their space needs. The quickest sales have been two and three-bedroom semi-detached houses, with 20% selling within a week – a 13% increase on 2019.
These aren’t the only fast movers. Sales of large properties are moving quickly across the board, with 14% of four-bedroom houses (compared to 7% in 2019) and 10% of five-bedroom houses (up from 6%) selling within a week.
The Stamp Duty Holiday
The government has removed stamp duty on all properties worth under £500,000 that are purchased before March 31st 2021. This may explain why the market is moving so quickly.
Things To Do Before You Buy
With the market moving so quickly, is now the time to jump on a new house purchase? Even though the market is moving at breakneck speeds, you should make sure to do all the correct paperwork before you move – and especially remember to have a conveyancing report conducted.
It’s vital to make sure you’ve had all necessary conveyancing work done before completing on a house purchase. House surveys will bring to light any issues with the property including damp, subsidence and roof problems. Many issues won’t cause you long-term problems but could be used to help you lower the purchase price. This is an area few people do research into until they’re considering purchasing a house, so you may be wondering – how do I find conveyancing solicitors near me? Thankfully the internet contains lots of useful sites that will help answer the question of finding conveyancing solicitors near me.
So Do I Buy Now?
In conclusion, the speed the market’s moving at is unlikely to last forever. If you’ve found your dream home and want to complete the purchase before the stamp duty holiday ends, apply sooner rather than later to avoid getting caught by paperwork delays.