Stamp duty holiday deadline
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.
The lockdown backlog is clearing and increased buyer demand, generated by the stamp duty holiday and lifestyle changes, has boosted figures.
190,902 mortgages have been approved in the last 3 months, -4% below the same time last year. The number of approvals for remortgages saw an annual decline of -33% in August, and a -27% decline in the last 3 months, compared to the same time last year.
The decline in remortgages is likely to be caused by the 53% increase in buyer demand from existing homeowners (Zoopla). Many homeowners will opt to apply for new mortgages, keen to secure them on their current economic situation and make the most of the stamp duty holiday.
If mortgage approvals continue to climb we will be in new territory. Savills forecast c.1.1 million transactions in 2020,
Although 31st March 2021 seems a long way away, vendors need to consider the time scales of selling homes and act now.
Source: Dataloft, The Advisory.
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