The stamp duty holiday has invigorated the housing market, and many households are contemplating moving home. There is no denying the impact of the lockdown has caused many people and families to re-evaluate their home, and what they need to make the most out of life.
Various studies, including research by leading UK property portals Rightmove and Zoopla, indicate people are looking for larger homes, and houses with garden space. Also, with so many people working from home these days, buyers are looking for houses with suitable home office space.
The stamp duty saving is a massive incentive to move sooner rather than later
All these factors have shaped people’s thoughts on their home, and with the chance to save up to £15,000 in stamp duty fees, this is the ideal time to move home.
Some headline statistics about how long it takes to sell property should focus your mind on the importance of acting sooner rather than later:
The Advisory suggests that the average time taken to sell a home is 18 weeks
The HomeOwnersAlliance suggest selling your home can take up to 24 weeks for many vendors
In their October 2020, UK Asking Price Index, Home.co.uk state the average time spent on market for homes in England and Wales is 177 days (equivalent to 25 weeks) but states the typical time on market is 69 days (just less than 10 weeks)
These figures would suggest that there is still time for people to enter the market now, and conclude the deal before the March 31st 2021 stamp duty deadline.
Heightened activity might cause delays in the market
However, it should be noted there is significant activity in the housing market. There is considerable pressure and demand on property market professionals right now. With the impact of the COVID-19 pandemic affecting how people work, buyers and vendors should be prepared for some delays in the process.
When you consider the various steps involved with selling a home, including; valuing the property, marketing the property, arranging and conducting viewings, liaising with other parties and then progressing an offer to a complete deal, there is significant work required; and delays can occur.
Simon Law, incoming chair of the Society of Licensed Conveyancers (SLC) said; “Conveyancers are currently dealing with an unprecedented set of circumstances which are constraining the ability to progress transactions. The property market is seeing volumes not experienced since the recession, caused by a backlog of transactions from the period of lockdown, and many people re-appraising where they want to live as a result of the covid-19 epidemic. This is compounded by the current SDLT ‘holiday’ on property purchases under £500,000 which has added fuel to the fire. This and the impact of Covid-19 on the legal profession has resulted in conveyancers being stretched to the limit.”
Thomas Morris Sales & Lettings Managing Director Simon Bradbury said “Now really is a great time to move home. If you are thinking of making a move within the next 12 months or so, my strong advice is to take advantage of the current busy market and stamp duty holiday. By getting your home on the market before the end of the year, you still have time to secure a buyer and get moved by March 31st when the stamp duty holiday is due to end. “
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