2020 hasn’t gone exactly to plan so far has it?! Nothing is really panning out as expected. In particular, the housing market.
The housing market in the UK is in a much stronger position than expected and July was up 75% with buyer enquiries vs last year. If you are thinking of moving, now is the time!
The latest Halifax House Price Index shows the average price of a home in the UK was £241,604 in July 2020. This confirms the UK is experiencing a ‘mini boom’. Prices are 3.8% higher than July 2019. There is momentum in the market and opportunity for quick sales at strong prices.
Since the lockdown restrictions have been eased on the housing market (on 13th May 2020) 44% of new listings have now agreed sales compared to only 34% for the same dates last year.
The impact of Covid 19 and lockdown has left many homeowners revaluating their lifestyle, and their home is at the centre of that. Some people are moving because of their lockdown experience, some are simply reassessing their housing needs and requirements as a result of lockdown life.
Stamp Duty Holiday
Clearly the stamp duty holiday is encouraging more people to list their houses on the market. Chancellor Rishi Sunak announced a temporary suspension of stamp duty on property sales up to £500,000 in England and Northern Ireland. In the following 5 days after the stamp duty holiday was announced, sales levels increased 35% vs same period last year. The deadline is 31st March 2021, therefore most people are going to want to be on the market before Christmas to ensure all sales are tied up before the deadline is upon us.
This is reflected by the amount of properties being published on the market, July 2020 showed 11% more listings than July 2019.
Record Levels of Traffic
Rightmove said it has seen record levels of traffic on its website since estate agents reopened on May 13th 2020.
Rightmove said in a statement: “Since 13 May we have recorded 65 days beating Rightmove’s previous traffic record set on 19 February 2020. Between 1 June and 31 July demand for sales properties has been 50 per cent higher than the same period in 2019 with rental demand being over 20 per cent higher.”
Now is the Time to Sell
To maximise on the opportunity of the momentum in the housing market, now is a great time to be considering selling. If you want to sell your home quicker and for more money, this is where we can help with our Home Staging service.
First impressions count to potential buyers. With choice on the market your home has got to be presented to the best of its ability, to enable you to sell for maximum price. We know the local market, so we know what your competition is going to be. This gives us the edge with helping your home stand out from the crowd. With our experience and guidance in presenting your home in the best possible light, we will help you achieve a quick sale and be more profitable on the sale of your home.
Contact us today for a free 30 minute consultation.