THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
MONEYWATCH FINANCE
THREE THINGS TO CONSIDER BEFORE BUYING OR SELLING PROPERTIES IN 2021
If you're considering selling your home in 2021, here are a few things to consider. 66
EXPECT DELAYS According to Rightmove, there are currently 613,000 properties trying to reach completion. Their latest data revealed that it's taking 126 days from the time an offer is accepted until legal completion - just over four months to complete the selling process. If you are keen to sell your home this year, be aware that you may experience delays.
While it may take a while, the process will depend on a few things. For example, if you're a cash buyer you may be able to move more quickly, however, if you are in a chain, the local searches may take longer than usual.
STAMP DUTY SAVINGS Rightmove estimates that around a million sales currently going through, could miss out on the stamp duty savings. If you are in the process of selling your home and feel you or your buyer may be purchasing a property in the hope to save on stamp duty, speak to your estate agent as soon as possible and seek advice - you may be able to avoid the purchase falling through by renegotiating the price.
The temporary stamp duty holiday that started on 8th July 2020 was due to end on 31st March 2021 but has now been extended to 30th June 2021. With this in mind, Rightmove recommend that you should still not factor in stamp duty savings from the temporary holiday - this will be more beneficial to first-time buyers who are buying a property for no more than £300,000.
THE CURRENT MARKET Buyer activity has increased since the first lockdown back in 2020, many have reconsidered their housing priorities as the market
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has remained open during the current lockdown. Rightmove believes there are signs we are surpassing 2020's new year surge activity.
Research from the online property portal reveals that the number of prospective buyers contacting agents between 2nd and 12th January 2021 was up by 12% and sales agreed numbers were up by 9% on the comparable period last year.
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