Data has been gathered over the past few weeks during the second lockdown has shown that property sales are higher than usual for this time of year.
Last month we shared this article – House prices are soaring in Nottingham. This is all good news for the property sector, especially at a time when so many other sectors are struggling during the lockdown.
Stats show that when a property goes onto the market, sales are being agreed quicker can usual. This is probably due to the temporary stamp duty holiday that cut the rate of stamp duty to zero per cent for all properties £500,000 or under until 31 March 2021, and because the supply of homes for sale is 18% higher than this time last year. There are 140,000 more UK sales in the system than usual (which is creating processing pressure on lenders, valuers and conveyancers).
Any property investors that want to take advantage of this saving need to ensure that the sale is completed before the March deadline. If you take into account the time it takes to complete a sale at present and that Christmas is in the middle, this isn't very long at all!
Below are some more interesting stats that we have gathered this month.
Nottingham also continues to be the highest house price growth City in the UK, currently reported at 5.1% growth in 2019, compared with the UK average of 3.0%.
If you are a property investor and you need any advice about buying a property for buy-to-let in the Nottingham or Mansfield area, then please do get in touch with us.
We are specialists in the letting, management and investment of residential properties in Nottinghamshire, so if you are a landlord or property investor contact us by calling 0115 704 3163 (Nottingham) or 01623 277115 (Mansfield). Alternatively, you can email us via our contact us page – click here.