Homes Are Selling Fast In Current Housing Market

September 16th 2020
By: Thomas Morris
Homes Are Selling Fast In Current Housing Market

With a deadline in place for the stamp duty holiday, it is easy to see why many vendors and buyers are keen to conclude their property transactions as soon as possible. At Thomas Morris, we have welcomed many buyers and vendors, and if you are looking for assistance in making a move soon, we can help.

However, according to information provided by a leading property portal, many homes are being sold virtually as soon as they are listed on the market.

How quickly do you want to sell your home?

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.”

Not all homes have the same demand

Of course, demand varies on the type of homes, and some homes are moving faster than others. It appears as though three-bedroom semi-detached properties are in great demand, and are selling quickly. Given that we know buyers are looking for larger homes right now, the level of demand for this style of property shouldn’t be seen as a surprise.

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 are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.