As House Prices Reach Record Highs, Now is a Great Time to Sell
Following a somewhat challenging year (and that’s putting it lightly), you’ve probably already got enough on your plate without thinking about moving home. With many businesses being closed, others operating at reduced capacity, and homeschooling to deal with, is 2021 really the best time to be selling up? Believe it or not, it could be…
House Prices are Soaring
Although there’s a lot going on at the moment, if you’re looking to really make the most from the sale of your property, then now is the time to dive in. House prices across England grew by nearly 8% on average from December 2019 to December 2020, marking the biggest period of growth the UK housing market has witnessed in four years.
The average price of a property in England and Wales has grown every month for the past five months, and now stands at £326,762. In London, where property prices are growing an exceptionally rapid rate, the average property price is now £514,000.
Why Now?
The UK housing market is soaring due to the unintentional benefits that have arisen across the housing industry during the COVID-19 outbreak, most notably the record low interest rates that have made mortgages more affordable and more attractive than ever before. In July last year, the average two-year fixed-rate mortgage dropped by 2%
Plans are also in place to extend the stamp duty holiday until at least 31 March 2021 (and potentially beyond), with property tax only applicable to purchases of £500,00+.
Is There Demand?
Absolutely. The growing housing market has undoubtedly been driven by increasing demand as homeowner preferences change. Many have been actively seeking to move into larger properties that can comfortably accommodate home offices, for example, while others are looking for homes with outdoor spaces that provide fresh air in a safe, enclosed, and private environment. These properties are in high demand.
Moving Home During a Pandemic
Is selling a property different during the pandemic? Absolutely. But it’s not impossible, and it’s certainly not worth missing out on the financial benefits that come with a soaring housing market. Sales and lettings agents, valuers, conveyancers, movers, and industry tradesmen are still operational, so if you’ve been thinking about selling your home, don’t let the COVID-19 situation put you off. Get a free instant online valuation now or contact us to find out more.
