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Today's sellers are faced with a difficult decision: should they wait for the pandemic to pass or sell now? - the worst of all horrors — a "mansion tax" to plug the government's budget hole? Will it be fashionable to relocate from the city to the countryside or the coast?
Prices in London's housing market may have fallen after the EU referendum in 2016, and they may have fallen even further because of the COVID’19 pandemic last year. Since the stamp duty vacation was announced in summer 2020 and was set to remain through the end of March this year, the property market saw greater competitiveness, with purchasers hurrying to take advantage of the stamp duty savings as well as cheaper house prices and low-interest mortgages. If you own a home in London, you may be wondering if now is a good time to put it on the market.
While the property market in most of 2020 and possibly some of 2021 will be unusual, time is crucial when it comes to selling your house in London. As with many other assets, there are times during the year when you may have a greater advantage with highs and lows that can help you make the most of the opportunity to sell. The property market swings a lot during the year.
Many people in the capital have moved away from the center to find a larger property to use as their primary residence, which is good news for those looking to sell a flat in London because there has been an increase in buyers looking to buy a second, smaller property in the capital for work purposes, which is good news for those looking to sell a house in London. In September of last year, a surge in people eager to transfer to greener locations following a period of confinement in the city caused housing prices across the UK to rise by 5% in reaction to the increased demand.
One thing you need to keep in your mind while putting your house or flat for sale in London in the season. The spring season (February to June) is often thought to be the greatest time to sell a house quickly. Autumn is the second-best season for a quick sale (Mid-September to October).
Because many individuals are on vacation in July and August, the property market is quite quiet. The months leading up to Christmas (mid-November to December) are generally the worst for trying to sell a house quickly.
If you list your home for sale during slow periods, potential buyers may believe there is something wrong with it if it remains on the market for an extended amount of time. You're also less likely to receive a decent deal because customers expect to be able to bargain down the price.
Several studies have crunched the numbers in the hopes of discovering the best time to offer your home — and they all come up with different results. Rather than becoming bogged down on specific days of the week, we encourage our clients to avoid coming to the market shortly before bank holidays and important political and cultural events.
If you're interested, Which? examined sales data from properties sold between September 30, 2015, and September 30, 2016, and discovered that homes listed on Monday sold the fastest (176 days on average to sell). According to the Which? The survey, the worst day to list a property is Sunday, with these homes taking an average of 213 days to sell.
By next year it’s predicted that as more individuals lose their employment, they will be unable to pay their mortgages. According to Expert estate agent in London if people sell their homes, the housing supply will expand, perhaps lowering prices.
Fewer people will rush to buy after the stamp duty break. According to HMRC data, the number of property transactions fell by 63 percent in July compared to June.
If interest rates rise from their present record lows, mortgage rates will increase as well. This may cause demand to slacken. This is why it is better not to delay if you want to sell your house.
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Published on October 28, 2021
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