Research by Zoopla has suggested that built-up property demand has caused properties to sell much faster. Zoopla has reported that sales agreed through their property portal is 76% more than the current five-year average.
One of the reasons is due to the temporary stamp duty land tax holiday which came into place on 8 July 2020 and is due to end on 31 March 2021. This is increasing demand as people look to take advantage of the saving. But, there are concerns that when this tax holiday ends there could be a fall in the market as people look to accelerate their house-buying plans.
Houses selling faster than flats as people look for more space
Three-bedroom houses in the last 90 days up to the middle of August were sold in 24 days on average. In the same period in 2019, it took 36 days on average.
Statistics show that houses are selling quicker than flats with one-bedroom flats taking on average 34 days to sell. A Zoopla report has said that many homeowners are now rethinking about what they want from their home due to quarantine. With many now requiring more space, indoors and outdoors, as people are now spending more time at home. Especially with many businesses adopting working from home practices.
Outside space increases property value
Property portal Rightmove has said that home sellers should focus on their garden when taking photos. Due to lockdown, many people have been forced to spend more time at home, making outside space more appealing which adds value to your house.
How can we help?
At Hawsons we have a dedicated team of accountants at our offices in Sheffield, Doncaster, and Northampton. Having an accountant who understands the challenges of this dynamic sector and is able to help you plan for the future is an advantage in a competitive environment.
More from our property experts
You can find all of our latest property and construction sector news here.
If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.
Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.
Free initial consultation
Tax Partner, Sheffield
0114 266 7141