Buyers searching for family homes up by 114 per cent

3-bedroom properties in high demand

 

Property experts from Rightmove are urging homeowners to sell their three-bedroom homes, as high demand leads to an average selling time of just 45 days.

 

With the summer season well under way, the latest house price reports indicate high asking prices in the UK.

 

So, why is the housing market so hot right now?

 

Available homes are in short supply

 

Some homeowners have had to delay their moving plans over the last 18 months, causing an imbalance of homes on offer compared to buyers, sparking competitive bidding wars and driving prices higher.

 

This has also resulted in gazumping becoming more and more common, as buyers fight for the remaining properties.

 

New construction was halted

 

Between 240,000 and 340,000 new homes are needed every year to keep up with demand.

 

A shortage in construction materials, as well as delays and lockdowns within the sector have resulted in fewer new homes being built since the emergence of the pandemic.

 

Even though construction of new build homes has recently reached a 21-year high, the market is still struggling to make up for lost time and meet the needs of new home buyers.*

 

Mortgage rates are at a record low

 

Product choice has reached the highest levels in 16 months, with competitive rates and as many as 4,512 new deals to pick from encouraging deal-savvy buyers to consider their next move.**

 

 

Post-COVID race for space

 

After being stuck indoors for months, people are sick of seeing the same four walls.

 

Whilst many of us took to DIY renovations and projects to make our homes better suited, a significant number decided to look elsewhere altogether, wanting a bigger space with gardens and the room for a home office. 

 

If you’re looking to buy or sell, contact us today to get started.

 

 

 

*Ministry of Housing, Communities and Local Government

**Financial Reporter

 

 

 

A look at what the stamp duty holiday has led to

 

Since its launch, the stamp duty holiday has led to phenomenal sales numbers for England's property market, with 50% more transactions in Q1 2021 compared to the previous year, pre-pandemic.*

 

Now, with the tapered end of the holiday in sight, we take a final look at what the property market has seen over the last year, and what is still to come.

 

Originally intended to stimulate the market after its spring closure in 2020, the SDLT holiday has triggered a house buying boom, with price surges up and down the country and buyers scrambling to put in offers at record speeds.

 

Even for buyers who may have faced higher property prices over this time, the value of buying with a smaller upfront cost meant that homebuying was an affordable option for 100,000s.

 

In fact, one survey suggested that four in ten Brits (39%) were able to take advantage of the government's initiative, with many finding themselves better able to save for deposits and moving costs with limited lockdown options.**

 

Following the end of the SDLT holiday on the 30th September, the rates will be as follows:

 

- 0% up to £125,000

- 2% on £125,001 - £250,000

- 5% on £250,001 - £925,000

- 10% on £925,001 - £1.5m

- 12% on any value above £1.5m

 

For advice about buying and selling in 2021, we'd like to offer you our support. Please contact us today for more information.

 

 

*Mortgage Introducer

**Show House

 

 

 

Why does market activity peak in August?

 

For the past 12 years, reports show that August has been one of the most popular months for home moving, with a third of movers choosing to buy or sell between June and August.*

 

Whilst typically homeowners would expect to fare best by listing earlier in the season, the same won't be said for 2021.

 

Fewer Brits are predicted to travel due to restrictions, meaning there's plenty of time to spend house hunting instead, as well as save towards deposits and moving costs over paying for flights and accommodation.

 

What’s the most popular day to move?

 

One in four pick Fridays for their moving day, giving themselves all weekend to unpack and settle in, with activity likely to peak ahead of the Bank Holiday weekend.**

 

With the stamp duty holiday ending 30th September, this could mean delays for buyers and sellers who aren't prepared in advance, particularly for those relying on moving companies for the big day.

 

19% of those who bought up to 2018 experienced delays due to the sellers vacating their homes late or not having funds clear in time, so it's important to communicate with other parties in your chain to establish any potential problems before they materialise.**

 

Why move this summer?

 

A summer move gives you the best conditions to market your property and have the best weather for the move in period.

 

If you'd like advice on why you should choose now to list your home or make your next move, we can help.

 

For advice on buying or selling, contact us today.

 

 

*Property Reporter

**Homeowners Alliance

 

Top tips on being ready to sell

 

 

According to Rightmove, enquiries from buyers are up by 18% when compared to the same period last year.

 

If you decide to sell right now, you’re pretty much guaranteed to get high levels of interest following your market launch.

 

Here are our five top tips for selling your home in a busy market

 

 

Talk to the right people and stay informed

 

Whilst it’s easy to get caught up in the post-lockdown rush, remember that moving house is a big decision.

 

Make sure that selling is the right decision for you and that you have the best local advice to help you achieve the best deal possible.

 

Get certified

 

If you’ve made considerable renovations to your home, ensure you have the correct certifications.

 

If people are interested in your home, they will likely want to see them.

 

Check your property

 

If you’re selling a newly built or converted property, you must check it was built under a building standards indemnity scheme.

 

Lenders often won’t provide mortgages if newly built or converted properties are not covered by a warranty scheme or Professional Consultants Certificate (PCC).

 

This will be an issue if your buyers need a mortgage to buy your property.

 

We’d suggest getting in touch with someone that can provide you with a PCC, confirming that your new build has been constructed in accordance with the drawings and instructions provided by building control.

 

Carry out any minor repairs

 

Disrepair can seriously put off homebuyers.

 

The amount of work that needs doing to the property can impact how much interest you receive. Furthermore, doing any refurbishment before starting the selling process is always a good way to increase the market value of your property.

 

If there are any serious structural issues with your property, you should get them fixed before viewings begin.

 

Get in touch with a professional

 

If you want your home to sell quickly, always contact a professional.

 

We provide a bespoke selling service that is adapted to each individual property.

 

If you’re looking for a quick and easy sale, contact our team today.

 

 

Meet Emma

After spending a number of years abroad raising her children, Emma joined Ball and Percival in 2020 after finding a huge interest in property market when she renovated her own farmhouse in the countryside.

 

Emma is excelling in her role and has become an extremely valued member of the team.

Click here to read Meet Emma.

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In need of modernisation this home gives one lucky buyer the chance to put their own stamp onto a property and would make an ideal family home.

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