X
X
Where did you hear about us?
The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

Homeowners Are Moving: 12% Put Property on Market in Past 4 Months

British homeowners are on the move  with 12% putting their property on the market in the past four months, according to a study of 2,000 homeowners by Skipton Building Society.

Millions of adults have chosen to up-sticks and take advantage of the ‘stamp duty holiday’ announced by Chancellor Rishi Sunak earlier this year, which is available until March 2021, and a further 28% are considering moving, with 5% wanting to relocate before the holiday ends.

And Skipton Building Society’s Group owned estate agency Connells has reported a 29% increase in new instructions of properties to the market in the first three quarters of this year compared to the same period in 2019. During the same timeframe, property search registrations have risen by 36%, and first-time buyer registrations are up by 27%.

Alex Beavis, head of mortgages at Skipton Building Society, said: “The housing market has been booming since the stamp duty announcement, with many asking if now really is the best time to sell and buy There are lots of reasons why buying now might be a great idea: the stamp duty changes, savings may have increased due to lack of spending, a buoyant sellers’ market, mortgage rates at their lowest and house prices moving up. However, there are also reasons for buyers to be cautious. Buying a home is like any other big decision and the best way to approach it is rationally.
“And in this turbulent time, it’s important that people looking to buy consider a variety of factors before they look to sell or rush to purchase, these include considering their own employment security, their personal reasons for moving and if they’ll need to move again in the future, and their deposit size ensuing the move isn’t just to benefit from the stamp duty changes alone.”

The increased demand for houses is pushing house prices higher, and Connells forecast that the average prices for the rest of 2020 will be 7% higher than this time last year. The stamp duty holiday has opened possibilities up to homeowners and first-time buyers that may not have been accessible before, with over 25% of people taking more of an interest in the housing market since the announcement of a stamp duty holiday in July.

Want the full article?

subscribe