Demand For Houses Remains High Heading Into Autumn
As the stamp duty holiday cuts start winding down to a close on 30 September 2021, reports suggest that activity throughout the property market both in terms of purchase and sales will remain high as we approach autumn and the final few months of the year.
According to estate agents Knight Frank, data for August shows that demand remains strong with new potential buyers registering interest in homebuying throughout the month, which saw a 24% increase against a five-year average. Meanwhile, the number of offers being accepted during the time also increasing to 32% higher over the same period.
Knight Frank suggest that the reasons for the property market seeing hectic activity in recent months is due to offers for properties being accepted a lot quicker than in previous years. Throughout the UK, the average number of days between a sale being instructed and an offer being agreed is approximately 111 days in 2021, down from 128 days in 2019.
As a result of properties being snapped up off the market a lot quicker than normal, it has left potential home sellers short of purchase options in the process. However, those who are seriously considering selling their property during the remaining months of 2021 may be encouraged by the speed properties are selling for, coupled with lower mortgage rates being introduced, as well as the government 95% mortgage guarantee schemes for first-time buyers.
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Content correct at time of publication.