Over the past year, the pandemic has had a significant impact on the world, resulting in changes to the ways we normally do things. Some homeowners or potential home buyers may now be looking at the property market but are unsure of how things have changed in 2021.
If you’re considering buying or selling a property in 2021, here are a few things that you should know.
According to Rightmove, they estimate that approximately a million property sales that are currently in the process of going through will end up missing out on the stamp duty savings. If you are already in the process of selling your home or you feel that either yourself or your buyer may be purchasing a property with hopes of savings on stamp duty, you should seek advice from your estate agents as soon as possible as you may be able to avoid the purchase falling through by renegotiating the price.
As a result of the Coronavirus, a temporary stamp duty holiday as introduced on 8th July 2020 which is due to be ending on 31st March 2021. The experts from Rightmove recommend that you should not factor in the savings from the stamp duty holiday. This would be more beneficial to first-time buyers who are purchasing their first property for no more than £300,000.
Currently, there are approximately 613,000 properties that are trying to reach the completion stage according to Rightmove. Recent data from Rightmove suggests that it’s taking, on average, 126 days for a property transaction to be completed from the time an offer is accepted until the legal completion. This is just over four months to complete the property selling process. If you are looking to sell your home this year, then you may experience some delays.
However, although a property sale may take a while, it does depend on a few things. If you’re a cash buyer then you may be more likely to move quicker. Whereas, if you are in a chain, then the local searches may take longer.
What The Current Property Market Looks Like
Overall, since the first lockdown in 2020, buyer activity has increased in the market and many have been considering their housing priorities as the market has remained open during this time. Rightmove says that they believe there are signs that we are surpassing the 2020 new year activity surge.
As an example, according to the research from the Online Property Portal, their data reveals that the number of prospective buyers that had contacted agents between the 2nd and the 12th of January this year had increased by 12%. In addition, the sales numbers had also increased by 9% when compared to the same period last year.
Visitors to the Rightmove website have also seen an increase since the start of January and have increased by 33% when compared to the same period last year.
If you’re considering selling or buying a home, please get in touch with our experts and we can discuss your options.
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.
If you would like to book an appointment then please get in touch and we can arrange a suitable time to discuss further. We can arrange appointments at a place and time suitable to you, we can discuss your options over the phone or if you prefer email, then this is fine with us.