The stamp duty holiday has incentivised people to engage the housing market, and there shouldn’t be a surprise as to how many people are currently looking for homes. However, there might be surprise at how quickly houses are selling in the current 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
While the market is moving quickly, the demand for some homes is more prominent than others. By the looks of it, three-bedroom semi-detached properties are in higher demand than other homes, and these are selling at a faster rate.
When we take on board the most common features desired by buyers these days, larger homes and garden space, it shouldn’t be a surprise to learn this style of home is moving quickly.
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.”
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