Want to make the most of the property boom? We've uncovered why it’s not too late to sell for a great price…
2021 has been an unprecedented year for the property market, with asking prices reaching a record high and time-to-sell at the lowest rate in years. Lots of factors affect the sales time of property - including area popularity, features like parking and green spaces as well as the type of marketing the property receives via the chosen estate agent.
If you’re wondering whether you’ve missed the boat or it’s still a great time to sell your home, you’ll find the answers below.
Across the UK, the buyer demand continues to outweigh the number of houses available. This is fantastic news for those coming to market as the time it will take for you to generate interest and find a buyer has decreased. According to the Rightmove House Price Index, this is particularly true in Scotland where it takes just 24 days on average to find a buyer and in South West England where it takes 37 days.
The end of the Stamp Duty holiday has been extended until 30th September 2021 (although from 1st July, the 0% tax band will be reduced from £500,000 to £250,000). The Stamp Duty holiday has undoubtedly added extra momentum to the market, but all regions have seen far greater average price increases than the average savings in stamp duty. The Government’s pledge to help more people onto the property ladder is poised to keep the market growing.
The increasing number of mortgage-related products being brought to market and the accelerating amount of both applications and approvals being seen across the UK are strong indicators of demand. This is exciting news for those currently looking to buy or sell a home.
According to Rightmove’s House Price Index for June, the average asking price is now at a record high across Britain and property prices are continuing to increase at a rate not seen at this time of year since 2015. For the third consecutive month, the national average has been pushed to a record high of £336,073.
In Wales, prices are up by a massive 14.6% since March 2020 and buyer demand has jumped up by 44%. There’s also great news for those considering selling in Devon and Cornwall as prices have risen by 11.4%, with properties being sold at the fastest rate since local records began.
Demand is notably fierce in the higher end of the market, specifically for detached properties with four bedrooms or more. The number of properties sold for over £500,000 was up by 49% in May 2021 compared to May 2019.
Throughout the country, there is a higher demand for new lettings as average asking prices continue to rise. In London, there are some really positive signs as the city's property market looks to be making a substantial recovery - surely something that will continue as those who are covid-vaccinated return to their workplaces.
According to property website Home, many London boroughs have risen significantly since March with the largest growth seen in the City (+30.1%), Wandsworth (+9.7%) and Westminster (+7.5%).
It’s an incredibly profitable time to be a landlord if you know where to invest.
You can still take advantage of the times if you’re looking to sell. It’s a great time to attract the largest number of potential buyers and to achieve a good asking price. Many movers will be looking to buy before the end of summer.
If you want to sell fast, it’s essential that you get a proper valuation so that your home is marketed at the right price. You’re best doing this as soon as possible.
If you can, you should book an expert valuation. Booking an expert valuation with us ensures you get an accredited and qualified property expert coming to your home to give a detailed and accurate summary. Our agents will consider the most recent market trends and property rates and take into account the unique features of your home.
