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Wednesday 3rd March saw the extension of the Stamp Duty Holiday by Rishi Sunak in his budget announcement. The next day, Rightmove experienced their busiest day, ever.
On Thursday 4th March over 9 million people visited Rightmove. This resulted in record use of their mortgage calculator and an 82% increase in buyer enquiries.
Likewise, looking at our own website stats, March so far is 82% up on last March and 4th March saw over 95% more traffic.
The Stamp Duty Holiday extension was a welcome relief for those already in the process of buying and selling, but for those now considering their options, time is of the essence. Rightmove has advised that people looking to sell should look to list their property no later than 23rd March to benefit from the savings available (up to £15,000).
If you’re not sure how the Stamp Duty Holiday impacts you, you can find more details here.
As far as the market conditions are concerned, it is definitely a prime opportunity to sell.
January 2021 saw 20% more sales than the same time last year, but with 29% fewer properties available. Today, there are 21% fewer homes for sale nationally, but significantly more buyers in the market. Looking at February, there were 22% more sales than 2020 and 34% more buyers.
Managing Director, Steve Tetlow, has shared his thoughts. “These statistics firmly underline the fact that the Government’s decision to underpin the housing market through offering the Stamp Duty Holiday has created a demand that is quite clearly outstripping the existing supply of homes coming to the market."
Interestingly, Rightmove's research has identified that a third of all homeowners, who need to sell in order to move, want to find their next home before marketing their own for sale. We would recommend the opposite. Yes, it's obviously an estate agent's prerogative to get you to put your home on the market, but it also puts you in the best position to have an offer accepted.
Given there are more buyers in the market, but fewer properties for sale, the offers most likely to be accepted are those who are in an advanced position to move. Particularly given many sellers' urgency to meet the extended Stamp Duty Holiday deadline.
Across our branch network, we are definitely seeing a proactive market. Buyers and sellers alike are making quick and strong decisions. There's noticeably less deliberation and more driven, targeted househunting taking place.
For local property advice, or to discuss your moving aspirations, speak with your local branch today. They'll be happy to help.
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