Leading property portal Rightmove reported statistics in early September that showed the United Kingdom had seen a ten-year high for homes selling within a week.
The number of homes selling within a week of coming to market is up 125% compared to the same period last year and is the highest number recorded over the past ten years.
One in seven homes sold by estate agents since the stamp duty holiday was announced on 8th July sold within a week compared to one in ten during the same time last year. The figures indicated that a three-bedroom semi-detached property was the most likely to sell with one in five doing so within a week a figure that increased to one in three in Scotland.
Whether or not the current surge in demand is down to households re-evaluating their lifestyles or taking advantage of the stamp duty holiday the property market is certainly a frantic place to be at the moment.
It’s not just sales seeing an increase in demand as the lettings market has also seen a rise of 16% on average with the North East recording a 28% increase in demand. The latter has resulted in a 6% increase in asking rents with the average rent now standing at £600pcm in the region. Compare those to the UK average of a 1% increase in asking rents but with the average rent standing at £1,230pcm.
When looking specifically at the stamp duty holiday with the deadline for completions set as 31st March 2021 it is easy to think ‘that’s a long time away’ but with the average property in England taking around 181 days from going on the market to handing over the keys to the new owner then those wishing to take advantage of the incentive need to move quickly to either place their current property on the market and/or start looking for their new home.
It will be interesting as we approach the festive period which usually sees a softening of the market, albeit slightly unpredictable as to when this starts (any point from October to early December), or whether the current high levels of activity will push the market through until the inevitable cessation of activities that occurs whilst the country enjoys a Christmas break.
If you are considering placing your property on the market, whether to sell or rent please contact your professional and friendly regional team today, to discuss a strategy that works for you:
Northumberland – 01665 603581
Tyne & Wear – 0191 284 7171
County Durham – 01833 690390
Yorkshire – 01677 425301