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No End In Sight For Sales market Boom

Tue 13 Oct 2020

There are a number of key reasons that make October 2020 an exceptional time to begin your next property transaction. Here are just a few examples to take your pick from:
 
- Stamp duty savings worth up to £15,000
 
- Mortgage approvals and sales at a 13-year high
 
- 5% annual property price growth – as reported by Nationwide
 
- Buyers are keen to act immediately, leading to increased levels of accepted offers
 
 
Across the UK, many of us are experiencing restlessness with our living situations.
 
We’ve spent all summer cooped up, so it’s no wonder that as we head into October, we’re seeing a rising sentiment amongst buyers and sellers that now’s the time to take your property plans off pause and get moving again.
 
After their House Price Index revealed a four-year high price growth, Nationwide conducted further research to establish which regions are seeing the strongest levels of interest from Brits.
 
As the below research tells you, one in five homeowners (17.7%) are currently considering moving, with a further one in ten (9.9%) well on their way to completing on property transactions in 2020.
 
Table for homeowners who are either in the process of moving or are currently considering it as a result of the COVID-19 outbreak.
 
Region   Considering moving Moving
London 25%  17%
South West 21%  11%
West Midlands 20%  11%
East Midlands  23%  8%
South East  18%  9%
North West  16%  11%
Yorkshire and Humberside  18%  9%
East  14% 11%
Scotland  17%  7%
Wales  12%  10%
North East 11%  5%

 
 
With the market showing no signs of slowing down, what can you do to speed up your sale and ensure you are able to take full advantage of current market momentum?

 
An important part of the process is choosing who will represent your interests.

 
As the local property experts in your area, we’d hope you’d think of us first for your property interests, but there’s also the matter of finding the right solicitor or conveyancer.
Here are our tips for a seamless experience with your legal representative.

 
 
Respond quickly and clearly

 
We get it – receiving a request for different bits of paperwork can be off-putting.

 
After a long day at work, the last thing you’ll want to do is wade through files to find the right answers or items being asked for.

 
However, failing to respond promptly will only hurt your sale or purchase. Taking a week or two to respond can delay the whole process and risks pushing your transaction to the back of the line.

 
So, if at all possible, make sure you’re getting back to your solicitor within a couple of days.

 
 
Prepare before every call

 
There will be dozens of questions that occur to you along the way, so to maximise your time and build an efficient dialogue with your solicitor or conveyancer, prepare a list of questions before each phone call.

 
That way, you can avoid missing something crucial.

 
 
Be flexible

 
Having a fixed timeframe in your head can be a useful way to visualise and track your progress towards the finish line.

 
That said, it’s important to balance your wants and expectations with what is actually realistic.

 
A good agent will be able to help you determine this from the beginning.

 
For more information on how we help homeowners navigate the local market, contact us today for your valuation.