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Buyers looking for a fast sale set to be disappointed

The market presently seems very difficult to predict with many predicting a crash and a similar amount saying it may level off at worse with those looking for a fast sale looking set to be disappointed. Hilary Osbourne of the Guardian reports, “Recent headlines declaring a boom in the housing market look set to continue on Monday, when Halifax unveils its latest monthly price report. Its numbers have tended to run ahead of rival Nationwide; and may even show annual price growth nearing double figures. In October, it said prices were up 7.5% on a year earlier.

Even if the growth rate has not increased, we are a long way from anyone’s expectations for 2020. This time last year, Halifax forecast price rises of between 1% and 3%, and other lenders and estate agents were roughly in agreement. And when the housing market was locked down in the spring, it would have been a brave commentator who suggested prices would end the year up.

But the unfreezing of the housing market in May triggered a rush to buy. “We saw people wanting to get on with life, people wanting more space, a garden or a home office,” said Neal Hudson, a housing market analyst at consultancy BuiltPlace. “We are starting to see that summer boom and all the deals done during that period coming through in the data. We are going to see the transactions data really spike up over the next few months, and house price inflation is likely to stay high.”

The net effect seems that the price people are paying more than outweighs the stamp duty discount we are getting which is absurd. When the stamp duty holiday finishes many are predicting a drop in house prices but possibly reaching pre-Covid levels which means the predicted crash really has not happened. People looking for a fast sale will be very disappointed though as legal teams are struggling to meet the high demand of transactions as a result of two lockdowns, working from home and the furlough scheme. The chances are if someone is in a chain then there is little chance of completing before the stamp duty holiday.

So, if you are looking to extract yourself from a chain and get your house sold then contact us for a fair price for a fast sale.