Sellers looking for a quick sale have been buoyed by the latest release from Rightmove. Residential property prices are set to increase next year, according to Rightmove’s latest house price index. The site forecasts a 4% rise in 2021, which will come as a surprise to those agents who expect the market to slow once the strap duty holiday deadline expires on 31 March. Rightmove said that while the stamp duty holiday “added extra momentum”, buyer demand was already high before the holiday was announced by the chancellor Rishi Sunak. Buyer demand is currently up 53% year-on-year. Tim Bannister, Rightmove’s director of property data, said: “Our 2021 forecast of a 4% price rise is more conservative than the unsustainable 6.6% national average seen this year. “There’s likely to be a lull in quarter two unless the stamp duty holiday is extended, but for many buyers its removal will not be make or break, though may lead them to reduce their offers to a degree to compensate for the higher tax, and indeed many sellers may be prepared to help to mitigate their buyer’s financial loss. “First-time buyers will remain largely exempt, so in most cases will be no worse off. “The maximum savings of £2,450 in Wales or £2,100 in Scotland are considerably less decisive than the £15,000 available in England for a house costing £500,000 or more, which does however only apply to a small part of the market.” Some 130,000 sales were agreed over the last month, up by 44% on the same period in 2019, Rightmove said. Bannister added: “Interest rates remain at near-record lows, and we expect greater availability of low-deposit mortgages at competitive rates next year.” The market has changed materially this year, with Covid (not mentioned surprisingly) having an enormous impact on what types of property are in demand as a result of lockdown. More people working from home and being cooped up in a property with no outdoor space has been a challenge for people on so many levels. The reality is that people now desire more internal and external space as a direct result of the pandemic. Rightmove predict a 4% rise in house prices but is it not the case that apartments will be much less desirable whereas houses with good sized gardens will be much more desirable, particularly where internal space allows an office to be created. I feel this is slightly misleading and needs to be challenged, if I have a flat to sell, I will not be putting the price up as a result of this article! If you are struggling to sell your property and are looking to get out your property in a hurry, then give us a call for a fair price for a quick sale.
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