Number of homes selling within a week hits ten-year high
If you’ve decided that now is the right time to sell, there’s arguably never been a better time to put your home on the market.
Our data analysts have been crunching the numbers and they can reveal that more homes are now securing a buyer and having an offer accepted within a week than at any point over the past decade.
And this is largely thanks to the temporary stamp duty holiday and pent-up demand being released after lockdown.
The government’s new tax break has meant that hundreds of thousands of you are looking to move home before the 31st March deadline next year.
Specifically what we’ve found is that, between 8th July and 31st August, one in seven properties marked as sale agreed by agents did so within a week of being listed on our site, up from one in ten in 2019.
Just under one third (30%) of homes were marked sold subject to contract within the first two weeks of being put up for sale, compared with one in five (21%) in 2019.
Sellers of three bedroom semi-detached homes have the best chance of selling their home within a week. Across Great Britain, one in five (19%) three-bedroom semi-detached homes sold by agents took a week or under to do so. This compares with 13% last year.
Four bed detached houses saw the biggest jump, with the proportion selling within a week doubling from 7% last year to 14% this year.
What are the headline figures?
- The number of homes finding a buyer within a week of coming to market is up 125% compared to the same period last year, and is the highest number recorded over the past ten years
- Across Great Britain the hottest market is in Scotland where a third of all three-bedroom semi-detached homes sold by agents took a week or under to sell (32%), compared to 20% in 2019
- The slowest market is in London where one in nine homes sold within the first week, though this is up from one in 20 in 2019
- We analysed over 200,000 properties that were marked as sold subject to contract between 8th July and 31st August to reveal the impact of the temporary stamp duty holiday
What does this mean for your home?
Proportion of all properties that sold within a week, nationally by property type:
What do the experts say?
Our resident property expert Miles Shipside explained that despite the surge in buyer demand over the summer, sellers still need to get their homes in tip-top shape to have the best chance of selling.
He said: “Not only are more properties selling in the current market than at any time over the past ten years, but many sellers are finding that demand for homes following lockdown and the rush to beat the stamp duty deadline means they’re achieving a quicker sale, but only if they’ve been priced correctly. Not every home sells, but those that are well presented by agents, are on at the right price, or are just lucky enough to be in demand are among a record number of homes selling within the first week of coming to market since we started tracking this data ten years ago.
“There’s no point rushing a home to market without carefully thinking through the best way to market it and making sure it looks its best, which is something an expert local agent can help with. However, sellers do need to move more quickly than before because although we’re in unchartered territory with record activity it’s still likely that demand will start to soften as it always does towards the end of the year.
“The conveyancing log-jam created by the pause and subsequent market surge means that people thinking of coming to market really need to do so in September or early October if they want to have a chance of completing with enough time to beat the stamp duty deadline. Six months may seem like a while away now, but getting your property ready to sell, finding an agent, marketing the home, finding a buyer and then going through the conveyancing process doesn’t leave much time for any unexpected delays along the way, especially if you’re in a chain.
“Sellers of three bed semi-detached homes are in the sweet spot of the market, as they benefit from being the most in demand and the most likely to sell within a week. The bigger, top of the ladder homes are also proving more popular, though some of this may be a result of home-movers in wealthier areas who would usually have been on holiday bringing their plans forward.”
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