A question homeowners across the UK will eagerly be waiting to hear the answer to is ‘can you sell your home in a week?‘. In short, the answer is yes, of course, can, you can sell anything quickly if it’s cheap enough.
However, this is not why we’re writing this blog post article. What you’ll be more interested in learning is what we’ve found out in the latest data published by Rightmove. In their latest report, the number of houses sold to contract within seven days between 8th July and 31st August was up by 125% compared to the same time the previous year.
Why are properties exchanging so quickly?
The UK-property market has witnessed some of the most confusing times in its history. With pent-up demand skyrocketing after lockdown and a stamp duty holiday on homes valued under £500,000 have fuelled buyers back to the market, boosting transactions over the summer.
After a traditionally busy ‘selling season’ in the spring, summer usually indicates the start of a downturn in the housing market as people go away for the school holidays. While the spike in the number of houses sold in a week is an important comparison, the statistics should be taken with a pinch of salt.
What does mean for homeowners across the UK?
For homeowners who are actively looking to sell their home fast, the data released by Rightmove will be welcomed with open arms.
Arguably, homeowners of three-bedroom semi-detached homes reap the greatest joy and have the best chance of selling quickly, further agreeing with news coming from estate agents that buyers are looking for more space in this post lockdown world.
While this most certainly is positive news for homeowners, there are noticeable variations across the UK with Scotland recording the greatest number of homes which sold in less than a week and London recording the slowest market.
It is important to note, although the data published by Rightmove is promising, not every home that is placed on the market at the moment will sell within a week. The speed of the sale is still determined by traditional factors such, price, location and local demand.
How has demand affected property prices?
Property prices across the UK have not only rebounded positively as the property market continues to witness a spike in performance since lockdown, but they’ve also moved into price growth territory.
After such a tumultuous year for the UK property market, UK house prices in August hit a record high since the lifting of lockdown in May, after the fastest monthly growth in 15 years, fuelled by a combination of pent-up demand and the cut in stamp duty rates.
For many in the real estate industry, August highlights a clear spike in performance since the re-opening of the market in May with a relatively strong continued outlook for the coming months.
Property Prices Up
Figures released from the national mortgage provided Halifax, revealed that the average property price increase of 5.2% to £245,747 in the year to August.
In a surprising shift in results from the Nationwide report in July, which stated the average house price across the UK had fallen for the first time in years, the latest figures released most certainly highlight the mini-property price boom the UK is currently witnessing.
As we advance
While this is positive news for homeowners, questions will naturally be raised over the strength of this rise and how long it will last. There are clear arguments that state the property market is doing better than initially forecasted at the start of lockdown and then again when the property market re-opened.
Experts across the market all agree the surge in the market is positive and fuelled by the combination of pent-up demand for property and the temporary cut to stamp duty.
However, with job retention schemes drawing to a close in the coming months alongside uncertainty as we enter in the autumn and winter, how long this spike in property prices and market performance will continue for will be of great debate.
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