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Ready, Steady, Gone… Posted On 28 August 2020

Since the property market reopened, properties are selling 12 days faster than this time last year…

 

Research from a leading property portal has shown that in the 90-days to mid-August, the average selling time for a three-bedroom home has been just 24 days. A period 12 days faster than the same a year ago.

 

The mini-boom since the market reopened has been helped by the Stamp Duty Holiday announced by Chancellor, Rishi Sunak, in May. The property portal has also reported that sales agreed were 76% higher than the five-year average.

 

After Lockdown, people have reconsidered what they want from a home and, as such, that may be one of the reasons properties are getting snatched up quicker than ever. Three-bedroom homes with outdoor space are now of serious interest to city-dwellers who may have previously put less importance on outdoor space. And with more people working from home than ever, the need to be in the city is of less importance.

 

The speed at which properties are selling aren’t, however, just tied to those with outdoor space, as one-bedroom flats, typically the style of property that takes the longest time to sell, have also seen a marked improvement in sale speed – with the average length of time being 34-days.

 

It’s all good news for vendors wanting the confidence that they will be able to sell before moving on themselves so they can take advantage of the Stamp Duty Holiday. This in turn brings more properties to the market, and with a good range of mortgages available, it is easy to see why the property market is experiencing a mini-boom.

 

If you’re looking for more information, whether it is to sell your own property, or to put yourself in the best possible position and getting your finances sorted, contact us today!

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