As the pandemic eases rental property is back in demand in London. Chestertons reported in Property Eye that rents increased month-on-month in a number of London postcodes, including Barnes (+17%), Wandsworth (+15%), Mayfair (+23%), Westminster (+18%) and South Kensington (+12%). This makes a lot of sense which will help the buy-to-let market sales market in the capital get back into action.
With only 8 working days left to meet the stamp duty deadline we had a busy week last week with exchanges, relieved sellers and buyers. Many solicitors have said they will be working over the weekend in order to keep up with the number of transactions.
If you are a seller who is under offer and you are hoping to still be in with a chance of exchanging and completing before the end of the month make sure you have removals booked and that you are ready to sign any necessary paperwork promptly.
If you are purchasing a property make sure your solicitor is in funds with your deposit as with the pressure building on banks and lenders the transferring of funds is taking longer than usual.
If you are thinking of selling your property and want to take advantage of a potentially larger pool of buyers looking to complete by September 31st then you should list your property as soon as possible.
The threshold for the stamp duty holiday drops from £500,000 to £250,000 between 30th June and 30th September, and from 1st October the holiday is over.
With solicitors still managing a huge workload and the summer approaching, sales aren’t going through quickly and you want to give yourself the most realistic chance.
For more information on the tapering of the stamp duty holiday see our news article from March 31st 2021: “Budget boost”
We are still seeing strong offers coming in on listings, particularly those that offer buyers value in relation to rental investment or modernisation. We have also seen a number of offers coming in from buyers who, having missed the June stamp duty deadline, are focusing on September where they can still make a saving. Many of these offers are subject to a completed sale being possible within this timeframe.
Zoopla released a report highlighting that of 2,400 homeowners surveyed, more than half (51%) say their homes fail to meet their needs. And the average Brits stays in these ‘unsuitable’ homes for a staggering 4.4 years after realising they’re no longer right for them.
The ongoing ‘search for space’ is one of the key reasons why people feel their homes no longer meet their requirements, with 40% of homeowners saying this applied to them.
Changes in what consumers need from a home post-lockdown continues to prove an important factor. Nearly a quarter (23%) say a lack of dedicated space to work from home is an issue for them.
It seems logical to us that whilst typically homeowners may stay in unsuitable properties for longer than necessary as there is a relatively high barrier to moving home (finances, earning, physically difficult) the pandemic made everyone really think long and hard about their current situation and this probably has pushed a lot of “maybes” into “lets do it's”.
Hence the high activity in the market. This should be sustained as there were plenty of people unwilling to take action until the end of the pandemic
We’d suggest high activity to remain for the remainder of the year, keeping those property prices where they are for now.
Last Saturday we were in the guardian. See our article here.
Urrggh where did our sun go! Have a great week all.
The Movewise Team