The stamp duty holiday has inspired a lot of people to move home, and there is a lot of activity in the market. As there is a deadline to the stamp duty savings, people need to move quickly, but this is creating even more demand and pressure in the market.
If you are looking for guidance in the Nottingham market, please get in touch, and we will be more than happy to assist you.
How long does it take to sell a home?
With the deadline approaching, it is important people consider how long it takes to conclude property deals. The following information will be of interest.
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The Advisory suggests that the average time taken to sell a home is 18 weeks
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The HomeOwnersAlliance suggest selling your home can take up to 24 weeks for many vendors
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In their October 2020, UK Asking Price Index, Home.co.uk state the average time spent on market for homes in England and Wales is 177 days (equivalent to 25 weeks) but states the typical time on market is 69 days (just less than 10 weeks)
Of course, it should be considered that there is a higher than average level of activity in the property market. With many professionals under considerable pressure, there is a strong chance a backlog will occur, and this might lead to delays in the property market.
Simon Law, incoming chair of the Society of Licensed Conveyancers (SLC) said; “Conveyancers are currently dealing with an unprecedented set of circumstances which are constraining the ability to progress transactions. The property market is seeing volumes not experienced since the recession, caused by a backlog of transactions from the period of lockdown, and many people re-appraising where they want to live as a result of the covid-19 epidemic. This is compounded by the current SDLT ‘holiday’ on property purchases under £500,000 which has added fuel to the fire. This and the impact of Covid-19 on the legal profession has resulted in conveyancers being stretched to the limit.”
Be prepared for delays in concluding a deal
The standard property deal requires a lot of work from a lot of people. When you have many external parties involved with the process, delays can happen without much warning or prior notice.
Rob Hailstone is the founder of the Bold Legal Group (BLG) has discussed this issue.
Rob said; “It is not just the demand side that is creating a challenge to the conveyancing profession, but also the dependence on outside parties to progress transactions. Covid-19 restrictions mean that many local authorities are operating under extreme difficulties and this has affected their ability to supply their own searches and also to provide access to data for personal search companies. In addition, many mortgage lenders are experiencing delays in supplying offer letters and the valuer profession is also under extreme pressure.”
Lloyd Davies is the Operations Director at the Conveyancing Association, and he said; “Being able to plan for the current market circumstances has been an enormous challenge. The impact of Covid-19 created a vacuum of activity which has been followed by a tidal wave of property instructions. Not surprisingly during lockdown, most law firms furloughed many of their staff and indeed there were some redundancies. As the lockdown restrictions were lifted, firms were faced with the challenge of making work places Covid secure which inevitably meant that fewer employees could be accommodated at their place of work.”
You are advised to call on the experts to minimise problems in the housing market
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.