11 Apr 2021
The overriding trend for us this week is that we have seen a strong number of offers coming in. Many of these are from buyers and sellers wanting to take advantage of the extended stamp duty holiday. If you are wanting to benefit from the saving you need to be quick as a good number of solicitors will now not commit to the deadline due to a high volume of workload. This is a particularly relevant point if you are in a chain. If this is the case do make sure your agent has checked that all solicitors are comfortable with the timescales you are working towards.
The wider market has seen a settling down of the new listings coming to market (see chart). Despite this new listings remain strong as well as many relisting with a new agent to try and generate interest from a fresh pool of buyers. Many listings are coming to the market hopeful that if they are competitive with price they may secure an offer quickly enough to complete before the end of June.
The EWS1 form and process delivers assurance for lenders, valuers, residents, buyers and sellers that the external wall system is safe and has become a requirement for property owners who wish to sell since the Grenfell Tower crisis.
The rules have been updated easing the restrictions on smaller properties:
4 storeys and under: do not need EWS1 as long as the management company can confirm that certain cladding materials have not been used.
5-6 storeys: may need one subject to certain factors relating to your building
Above 6 storeys: most buildings with any form of cladding will need an external wall system check before they can be sold.
For more information on this please see our Sellers guide to the UK cladding crisis.
We recently launched a valuation service for probate solicitors and executors. We provide a single, UK wide valuation service that coordinates either a Red book valuation or the 2-3 best local agents to value the property. Movewise ensures these valuations are conducted in an HMRC compliant manner and summarised in a single overview.
For more information please see our video explanation at Legalex.
If you would like a probate valuation please use our Get a valuation button on our homepage.
A revealing piece of research in Property Eye shows that of 1,081 homebuyers surveyed 53% buyers never visited the estate agents office with 54% thinking there was no need for them to have an office. We don’t think this means everyone should become an online agent but it does show you that buyers are talking to multiple agents, mostly through responding to online adverts, and therefore as a seller, so should you be talking to multiple agents
Boomin the new property search portal founded by the Bruce brothers who founded Purplebricks has recently launched. We’d quite like to track their market share of listings versus Rightmove.
By taking London and Essex as example locations we see that the following portals advertise the following amount of stock:
Rightmove 47,462 (inc SSTC 76,707)
Boomin 19,414 (inc SSTC 47,266)
Rightmove 8,469 (inc SSTC 41,253)
Zoopla 9,249 (inc SSTC 10,000+)
Boomin 4,206 (inc SSTC 14,729)
In London Boomin appears to have 41% of the listings Rightmove has and in Essex it has 50%. If accurate this is a pretty good start, we will monitor progress.
Have a great evening and week.
The Movewise Team