Is time running out to sell your home?
With the current stamp duty holiday saving many homemovers £000's, when is the latest chance to get your home on the market and benefit from increased demand from buyers and save on purchase costs.
With just under 26 weeks of the stamp duty holiday left, even with homes selling 31% faster than before lockdown, sellers only have 10 weeks to list their properties if they want to complete in time.
According to The Advisory, the average time to sell a property, from first day of marketing to completion, is on average 18 weeks and in a hot market, like today, it can take on average 16 weeks.
Buyer demand in August was 39% above the same time last year and mortgage approvals saw a 29% annual increase, indicating that there are plenty of buyers out there.
Although 31st March 2021 seems a long way away, vendors need to consider the time scales of selling homes and act now.
With demand and transactions at a very high level, additional pressure is being felt across the board with conveyancers, mortgage lenders all adding potential delays.
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Source: Dataloft, The Advisory.