Compared to the same period last year, the number of properties selling within a week of coming to the market has increased by 125%. This is the highest number recorded over the past ten years!
Before the stamp duty holiday, one in seven homes that were sold by estate agents was confirmed to be sold within a week, relative to one in ten in the same period last year.
The properties that are more likely to sell quickly are three-bedroom semi-detached properties, with one in five being sold within a week. In Scotland, this has risen to one in three.
However, Rightmove suggests that home-movers consider allowing six months for the full process in order to have the best chance of making stamp duty savings before the deadline on 31st March.
More sellers are now able to find buyers within a week of placing their property on the market than at any point in the last ten years. This is a 125% increase over the same period in 2019 and a 27% increase over the previous peak that was reported back in February 2016 before the Brexit vote took place.
Rightmove, the UK’s biggest property website, had examined over 200,000 properties that were sold between the 8th July and 31st August to show the impact of the temporary stamp duty holiday. Property sellers are taking advantage of the surge in buying demand due to the temporary stamp duty holiday and they are more likely to find a potential buyer within a week of marketing when compared to the same period last year.
According to the data, there was just under one-third of homes sold within the first two weeks of marketing, compared to one in five in 2019. Four-bedroom detached houses saw the biggest increase with the number of properties selling within a week of marketing has doubled from 7% last year to 14% this year.
The most active property market across Great Britain was in Scotland where one-third of all three-bedroom semi-detached properties that were sold by estate agents only took a week or under to sell, compared to 20% in 2019. On the opposite end, London was seen to be the slowest market where one in nine homes were sold within the first week of marketing. However, this has increased from one in twenty in 2019.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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