Now more than half the UK population have had their first Covid-19 vaccination due to the amazing effort of the vaccination programme, granting celebrations to cautiously see family and friends outdoors, eat out and enjoy shopping.
Understandably, many of us have put our moving plans on hold for the past year, but as the nation slowly returns to normal, homeowners are wondering, “is now a good time to sell a house?”
Despite the historical challenges the nation has faced, the housing market has remained remarkably buoyant. This is because the constraints of lockdown,namely being confined to wholly indoor spaces, persuaded many homeowners to move. The Stamp Duty Holiday - a temporary cut in the Stamp Duty rate - has also provided some extra motivation for home-movers.
What time of year should I sell my house?
Spring is traditionally the best time to sell a house. Currently, there are two financial incentives to help buyers purchase a new home:
The recently introduced 95% Mortgage Guarantee Scheme.
The Stamp Duty Holiday - initially launched in September 2020 and already extended once - has now been extended until the end of September. From July 1st, it will be available at a reduced level, with zero tax payable on the first £250,000. Buyers are also taking advantage of historically low interest rates, making mortgages more affordable.
Is there a demand for properties for sale in London?
While a red-hot property market provides excellent opportunities for sellers, the frantic activity we have seen since mid-2020 has resulted in a shortage of properties available for sale. Last month the Royal Institute of Chartered Surveyors (RICS) warned of a shortage in housing supply with “rent and price expectations very evidently continuing to accelerate.”
While there are fewer properties on the market, Rightmove has reported that asking prices reached a record high in March, at a time when buyers are chasing the lowest ever number of available properties. This puts sellers in a strong position to achieve the highest price for their property, picking buyers who are in the best position to proceed.
“Buyers shouldn't always expect to pay less than the asking price for a property,” our London Sales Manager Joe LeBeau recently told the exclusive property magazine, PrimeResi. Joe explains that wealthy buyers with a 'dream home' in their sights are not always concerned with price.
How easy will it be to sell my home and move?
As luxury estate agents in London with extensive knowledge of the prime central London market, we can offer you a pinpoint-accurate valuation. We will use the latest digital tools for marketing your property, including 360º walkthrough videos.
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