Market snapshot, September 2020
We've been reporting on a record-breaking August 2020, the so called 'post lockdown boom'. Today we look at a couple of the national portals reporting.
According to Rightmove more sellers are finding a buyer within a week of putting their home up for sale than at any time over the past ten years, a 125% jump on the same period last year and 28% higher than the previous high recorded back in February 2016 before the Brexit vote.
Their data team have analysed over 200,000 properties that sold between 8th July and 31st August to reveal the impact of the temporary stamp duty holiday. They confirm sellers taking advantage of the surge in buyer demand are more likely to find a buyer within the first week of marketing compared with this time last year. One in seven properties sold by agents did so within a week of being listed on Rightmove, up from one in ten in 2019. And just under one third (30%) of homes sold within the first two weeks of marketing, compared with one in five (21%) in 2019.
Sellers of three bedroom semi-detached homes have the best chance of selling their home within a week. Across Great Britain, one in five (19%) three-bedroom semi-detached homes sold by agents took a week or under to do so. This compares with 13% last year. However; four bed detached houses saw the biggest jump, with the proportion selling within a week doubling from 7% last year to 14% this year.
We're seeing a ten-year high for the number of properties that are sold within a week, thanks to the stamp duty holiday. 1 in 7 properties launched on Rightmove since 8th July has been marked as Sale Agreed within a week. Or 1 in 5 three-bed homes (the most popular property type).
Zoopla & Dataloft inform
Zoopla concludes the time to sell a home has fallen by more than a quarter in the UK. No surprise considering buyer demand, since the start of the year, is +34% higher than over the same period in 2019.
The number of days between first marketing a home to receiving an offer is on average since lockdown was lifted, 27 days. This is -31% lower than the same time period in 2019.
Time to sell varies by property type, at present, 3-bed houses sell the fastest, 24 days. 1-bed flats take the longest to sell, 34 days. And the time to sell has decreased as a result of available supply falling short of buyer demand. four and five bed houses are now selling 16 days faster, the biggest decrease seen.
Wed 16 Sep 2020