Okay I’m going to say it – the SALES MARKET is ridiculously busy - there’s arguably never been a better time to buy or put a home on the market.
According to Rightmove:
- Last month, we saw the highest number of sales agreed for more than ten years, the value totalling over £37bn
- Levels up 38% on 2019, and a massive 20% higher than the previous record set in March 2017
- Latest weekly sales agreed figure up by 60% compared to the same week in 2019
- Highest number of properties coming to market in a month since March 2008, and there are 44% more properties compared to the same period a year ago
- In the East Midlands, new listings are up by 22% and demand up by 49% when compared to this time last year
In this newsletter… I will be giving you a general overview of the sales market.
As always, updates on other areas will be sent out in due course.
Finding a buyer within a week hits 10-year high
As I’ve said in my previous news articles: the SDLT holiday would go some way into creating a national momentum... but its impact was always going to be most significant in the South-East where property prices are much higher.
Our average sale price is approximately £240,000 – so for most of our First Time Buyers we were at £0 SDLT anyway. Which means, most of our buyers aren’t making sizeable savings – if any.
So how is it that 1 in 7 homes are now securing a buyer within a week, more than at any point over the past decade (up 125% from 1 in 10 in 2019)? Source: Rightmove.
I’ve always believed that the double pent-up demand that we had due to the December 2019 election PLUS the March 2020 lock-down would have had this effect on the housing market - even without the Chancellor's intervention.
Imagine it as passengers on a plane that has just landed and parked at the gate: everyone is strapped to their seat, watching the seat belt signs… it pings, and immediately - they’re off!
Properties twice as likely to sell if asking price doesn't change
Property sellers are twice as likely to find a buyer for their property if the original asking price does not change, according to Rightmove.
Analysis of over 300,000 listings in the last 6 weeks shows that by September 10, 63% of those which did not have their asking price reduced were marked as Sold Subject to Contract.
During the same period, of all properties that had at least one asking price reduction, only 32% were marked Sold Subject to Contract.
Properties that do not have their asking prices reduced are selling 26 days quicker than those that have had at least one price reduction.
Rightmove reports that in the current market, it typically takes just 21 days to find a buyer if a property's asking price is not reduced. Conversely, for properties with one or more price reduction, the time to sell increases to 47 days.
Latest Listing: The Park
- Unique 1920s detached Coach House split over 3 floors with private low maintenance garden
- Internal space 1,200+ sq ft plus additional garden room/office with power and internet
- Positive Pre-planning Application advice received to increase to 4 bedrooms and significant additional sq footage (architect drawing and approx. building quotation available on request)
- Distinctive features throughout: exposed brick and beams with downlights and remote controlled skylight
- 15-minute walk to Nottingham City Centre and Nottingham Train Station
- 10-minute walk from St Joseph’s School http://st-josephs.nottingham.sch.uk/
- 10-minute drive from Nottingham High School https://nottinghamhigh.co.uk/
- Private on-street parking
- Double garage (£90 per month)
Offers in excess of: £550,000
For full details, please click here.
More success stories...
One Fletcher Gate
Nottingham NG1 1QS
Nottingham NG1 7DG
Nottingham NG2 5HG
Save the date: 26th September 2020
Yes it's clear to see - the housing market is seeing record numbers in pricing and transactions.
Mortgages are readily available, employment rates are good and therefore plenty of opportunity for people to get moving!
In particular, whether it is affecting our market in the East Midlands or not - it feels as though the public are seeing the SDLT expiration date of 31st March 2021 as a deadline to get things complete.
So, that's six months away and that may seem like a while, but getting your property: ready to sell, finding an agent, marketing your home, finding a buyer and then going through the conveyancing process doesn’t leave much time for any unexpected delays along the way – we are definitely expecting processing bottlenecks as we get closer to March next year.
The experts at the NAEA have even worked out, that if you put your property on the market by 26th September – you have the most chance of completing prior to 31st March 2021.
If you would like to discuss any of this in more detail, or have any questions - whether to buy now, hold off, sell... ANYTHING AT ALL! We deal with this all day every day 🏆 and like having conversations too 📣 ... Please get in touch, I would love to hear your comments...
Sincerest regards, Ali.