We had to include a snowy scene of beautiful property as the UK got a white blanket this weekend. Enjoy this one from Broadway in the Cotswolds.
This week has seen a good number of listings, a mixture of those who are still hopeful of getting a sale through before the end of March and are pricing their properties accordingly and those who aren’t motivated by the March deadline or believe that the stamp duty holiday will be extended.
The current average daily listing level of 4,336 properties across the UK is only 10 per cent below this time in January 2020 suggesting that the current lockdown is not having a material effect on willingness to list.
The Financial Times reported this weekend that the Treasury intends to end the policy as planned on March 31. Mr Sunak introduced the tax break to provide an “immediate stimulus” to the economy last July which has been successful.
According to Rightmove, the housing portal, there are 100,000 property transactions that are already in train, but are unlikely to complete before March 31 and would miss the deadline to secure a stamp duty saving.
If you are considering listing your property now be realistic about timescales. Solicitors and agents are under huge pressure and most are working from home. If you are working to specific timescales speak to your agent and solicitor and get a feel for what is achievable. That will give you the best steer for when you should list. The conveyancing of leasehold properties will take longer than freehold properties and the price point of your property is likely to affect whether you will be in a chain or be attracting first time or investment buyers.
With so many staff in local agents’ offices being affected by covid we have noticed that more and more agents are working with split teams in order to be able to remain open should someone test positive. This is affecting viewing levels as in some cases it means that individuals are only working in their office once a month.
If you are considering listing your property now, speak to your local agents and find out how they are managing their viewings.
Agents are under huge pressure with far larger pipelines of properties that are under offer than usual.
If you are selling your property make sure you know how your sale is going to be handled once you go under offer. Some agents have specific sales progressors whilst others have negotiators managing their own sales. You need to feel confident that your agent will be keeping the communication lines between the chain open and will be keeping you updated. As soon as lines of communication break down the sale has a high chance of falling through all together.
Have a lovely Sunday evening.
The Movewise Team