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With just over 35 weeks of the stamp duty holiday left, and with the average property taking 18 weeks to sell, vendors have 17 weeks to list their properties if they want to make the most of the stamp duty holiday.
According to The Advisory, the average time to sell a property, from first day of marketing to completion, is between 16 and 25 weeks. In a hot market, it can take on average 16 weeks and a cold market, 25 weeks.
Mortgages are taking longer to secure as lenders have a back log from lockdown and are prioritising existing customers. Therefore, it may take vendors longer to move through the house buying process than normal.
Although 31st March 2021 seems a long way away, vendors need to consider the time scales of selling homes and act now.
Finally, after the pent-up frustrations of lockdown, we have some very good news to report:
Firstly, the Chancellor of the Exchequer, Rishi Sunak, has announced a substantial boost for the housing market with the raising of the SDLT (Stamp Duty) threshold from £125,000 to £500,000. This really is quite incredible and will save buyers up to £15,000 (£10,000 for first time buyers who already enjoy a discounted SDLT rate).
If the idea is to kick start house sales, then this is certain to do the trick. There are plenty of buyers around, enjoying low interest rates too, but stock is woefully low, with 15% fewer properties available than this time last year. This boost will encourage people thinking about moving to do so immediately, as the concession expires in March 2021.
Our vendors were delighted with the sale of their home for OVER THE ASKING PRICE!
Six viewings, lots of interest and we achieved 104% of the asking price. Trust Lock & Key to help you achieve more!
Thinking of selling? Calculate the value of your home here online >> https://platform.pro-val.co.uk/?c=homesinmelksham&t=3&p=484
More details on this property >> http://www.homesinmelksham.co.uk/index.php?option=com_propertylab&task=showproperty2&vebra=10004080
The recent Dataloft Homemover survey has bolstered reports of growing momentum in the housing market. The vast majority of vendors who were considering selling their homes before lockdown, still plan to do so.
So long as social distancing measures are enforced, 83% of vendors who are looking to sell their homes as soon as possible, say that they are either very or fairly comfortable with physical viewings taking place.
This renewed confidence in the market led to an 111% increase in sales viewings booked last week (Property Market Insights Report, Coadjute).
It is no surprise that those who are looking to delay their sale until next year were the most concerned with 8% insisting on digital viewings only. Source: Dataloft Homemover survey and Coadjute
Home mover survey revealed that just under half of buyers' home requirements have changed as a direct result of lockdown and Covid-19.
Just under a third of buyers said that having a garden has become a much more important consideration for them, a less urban area and being closer to family and friends has also increased.
The importance of space to work from home and broadband speed has increased, reflecting buyers expectations to work from home more often following lockdown.
The Homemover survey suggests that Covid-19 is likely to have left a legacy of consumer behaviour change, shifting the relative importance of house buyer requirements.
Source: Dataloft Homemover Survey
For more information and to get yourselves moving call Lock & Key 01225 707342
At Lock & Key we’re the leading estate agent in SN12 / Melksham based on the current statistics reported by the biggest property portal Rightmove! As our doors begin to open on the 1st June for business, our team are well placed fully committed ready to deal with your enquiries to get you moving.
We are supporting the safety of the community. At Lock & Key we are here, getting ready to open, being prepared and staying safe.
Following last night's announcement, many of you will be returning to your workplace.
Although we have been preparing for this for some time, it is important to continue to follow this Six-Point Guide we have prepared for you as well as Government advice and the measures we have put in place to re-open.
The Chancellor of the Exchequer has delivered a multi-billion spending budget, with significant investment for tackling the coronavirus outbreak and infrastructure improvements.
The Affordable Homes Programme has received a new £12 billion multi-year settlement, with £1.1 billion to support 70,000 new homes in high-demand areas across the country.
The government confirmed the introduction of a new Stamp Duty levy, for non-UK purchasers. At 2% this is lower than anticipated and will not apply to purchases until April 2021.
The Housing Minister is set to announce significant changes to the planning system later in the week following the Budget.
Momentum is building across the UK housing market as spring approaches. The ONS (Office for National Statistics) report average property prices are rising in every region of the UK for the first time in nearly two years.
Property price growth is currently strongest across Yorkshire and the Humber and the East Midlands, with price growth across the capital at its strongest level since October 2017.
The Royal Institute of Chartered Surveyors (RICS) and Rightmove report there has been a notable increase in buyer demand in January with both the HMRC and Rightmove citing sales volumes are on the rise.
Both market appraisals and new instructions are on the up, according to both RICS and Rightmove although demand currently outpaces supply. Prospective vendors are well advised to contact their top selling estate agent – Lock & Key independent estate agents. 01225 707342
Last month we reported a sense of renewed optimism in the air. Well we were right! The post-election-post-Brexit surge means that the property market is once again buzzing with activity. And it’s not only our own agents who are working flat out to service our clients - Rightmove reported a 15% uplift in buyer enquiries to estate agents generally in the month immediately after the election compared to the previous year, followed by a 12% uplift in sales agreed last month compared to January last year.
The latest Housing Report from NAEA Property mark suggests that sales are already up by 20%, of which first time buyers represent 29%, up from 24% this time last year.
Look folks, exactly what I have been saying.
There have been 1.3 million new buyer enquiries in the month since the election (13th December to 15th January), a 15% increase year-on-year according to Rightmove.
A 2.3% monthly increase in the price of properties coming to the market was also reported, the biggest monthly surge ever recorded for this time of year.
There certainly seems to be more optimism in the market. Provisional figures from the HMRC suggest a 6.8% year-on-year rise in sales volumes in December while house prices across the UK are rising at their strongest level in a year according to the official UK House Price Index.
As a new dawn approaches with the UK set to leave the EU this Friday and a Budget planned for March 11th, will the Boris bounce keep bouncing? I believe it will.