Published: 16/04/2021Speed is important in many things in life, but when it comes to the housing market, time is of the essence. This is the case at the best of times, but when you consider the stamp duty holiday deadline, buyers are keen to conclude deals as quickly as possible.
A recent study by Zoopla, utilising information from their House Price Index, indicates homes in the Yorkshire and the Humber region, as well as homes in the north-east of England, are selling fastest.
Sales are agreed, on average, in just 38 days in these regions.
What property are buyers looking for?
Given many buyers are looking for additional space, it should be no surprise that family homes are in significant demand. In the week following the Budget, demand for three-bedroom properties rose by 30%, according to Zoopla.
This increase in demand for homes has seen house prices rise in many areas. The value of houses has risen by an average of 4.9% in the past year, while the value of flats has only risen by 1.9%.
Will extended stamp duty holiday help?
With the stamp duty holiday experiencing a tapering-off period to the end of the September, some buyers will receive additional support in buying a home.
The nil band rate will be set at £250,000 for home sales between July and the end of September. More than two-thirds of homes listed for sale in Yorkshire and the Humber, the north west of England and the north east of England fall below this price threshold.
According to Rightmove, the property market in LS16, as of mid-April, can be described as such:
“Properties in LS16 had an overall average price of £348,921 over the last year.
The majority of sales in LS16 during the last year were semi-detached properties, selling for an average price of £296,385. Detached properties sold for an average of £529,098, with flats fetching £167,347.
Overall, sold prices in LS16 over the last year were 14% up on the previous year and 11% up on the 2018 peak of £315,291.”
For the LS13 postcode area, Rightmove says the following;
“Properties in LS13 had an overall average price of £164,579 over the last year.
The majority of sales in LS13 during the last year were terraced properties, selling for an average price of £153,836. Semi-detached properties sold for an average of £170,670, with flats fetching £104,228.
Overall, sold prices in LS13 over the last year were 3% up on the previous year and 9% up on the 2018 peak of £151,018.”
Going by the average prices, buyers in LS13 will benefit from the extended stamp duty holiday, which runs until the end of September, while buyers in the LS16 postcode area will receive no benefit.
Tim Bannister, Rightmove’s Director of Property Data, comments: “Suburbs are also faring well as some people move further out from the centre of cities. Both sale and rental properties in city centres have been suffering over the past year as the usual appeal to live there has temporarily been taken away, leading to more stock than usual being available, but we may see these start to shift more quickly over the next few months as lockdown restrictions continue to be removed.”
Tim Bannister continued by saying; “In a traditional year there would be a couple of record days for visits or enquiries being sent by home-hunters, but the pace of the current market caused by a combination of restrictions easing, a desire for more space and people considering different locations, has led to records tumbling week after week.”
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