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Properties are selling quicker in 2020

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.

  • Demand levels and sales activity remain buoyant in the UK housing market. Rightmove report agreed sales were up 50% in October, with properties selling (sold SSTC), in just 49 days, 15 days faster than a year ago.
  • Buyer demand across England was 49% higher year-on-year during the first six days of Lockdown 2.
  • The market is currently strongest in the higher price brackets. Year-on-year has been a 106% uplift in sales priced £400,000–£500,000 compared to just 16% for those priced £100,000–£200,000
  • Activity levels are also higher in the regions where average property prices are the highest, buyers set to make bigger stamp duty savings in these locations. Source: Dataloft, Rightmove (October 2020 v October 2019)

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.

 

 

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