The impact of the stamp duty holiday is notable on the housing market. With buyers having the chance to save up to £15,000; it is easy to see why many people and households are keen to move.
The current demand is slightly different, because it appears as though it is existing homeowners, rather than first-time buyers, who are driving the activity in the market.
Second-stepper homes are in great demand
Tim Bannister, Rightmove’s director of Property Data, said: “Increased competition for second-stepper homes has pushed prices to a record this month for those looking to take the next step up the ladder. Needing more space has always been the most popular reason for moving house, but now there’s a new urgency for extra space to be able to work from home, which means that there are different sets of buyers competing for the same type of property.”
Tim continued by saying; “At the start of the year a fourth bedroom was very much a luxury for buyers trading up, but it’s now emerging as a must-have for those who are able to take that step. With overall asking prices just a few hundred pounds shy of July’s record, and buyer demand at an all-time high, those currently looking for their next home are likely to find that only offers close to the asking price will be considered, especially for larger homes.”
How do you connect with buyers?
Knowing that there is significant interest in property is good news, but how can you be confident of connecting with likely buyers? It is important to know what buyers are looking for, as this helps you better connect with your audience.
An innovative study carried out by comparethemarket.com offers insight into what prospective buyers look at, and test, when viewing a prospective property. These might not be the factors which make or break a buyer’s resolve to make an offer, but if problems arise, a buyer might not be inclined to follow up their initial interest in the property.
Some of the most commonly considered points include:
The quality and condition of radiators
Access to a garden space
The level of water pressure
The comfort of beds
How well the oven works
How light switches work
The accessories which add a touch of personality to the property
Mark Gordon, head of mortgages at comparethemarket.com, said: “UK house prices are currently on the up and with the stamp duty holiday prompting more buyers to get on the property market, it’s a competitive time for homeowners looking to sell their home. We conducted this experiment to determine the areas of the home buyers look at most to help sellers maximise their chances of a sale. Some sellers may not have considered these factors when preparing their homes for viewings, so we hope our insight will help them focus on the areas they should check and freshen up.”
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