Rightmove has revealed that 15% of homes are finding a buyer within a week and 30% are securing a sale within a fortnight of being put on the market.
Compared to the same time this year, this is an increase of 5% for both figures; in 2019 10% of homes sold within a week and 25% sold within a fortnight.
One message from the portal’s analysis of 200,000 home moves is clear – buyers are keen to nail down a deal as fast as possible which, Rightmove suggests, is so that their purchase can be registered before the stamp duty holiday deadline of 31st of March next year.
Consequently, the number of homes selling within a week of coming to market is up by 125% compared to the same period last year, and the highest number recorded over the past ten years.
Three and two-bedroom semi-detached houses are selling the fastest while the region with highest number of homes being sold within a week is Scotland (26%) and the lowest is London (11%).
“Not only are more properties selling in the current market than at any time over the past ten years, but many sellers are finding that demand for homes following lockdown and the rush to beat the stamp duty deadline means they’re achieving a quicker sale, but only if they’ve been priced correctly,” says Rightmove’s property expert Miles Shipside (pictured).
“Not every home sells, but those that are well presented by agents, are on at the right price, or are just lucky enough to be in demand are among a record number of homes selling within the first week of coming to market since we started tracking this data ten years ago.”
The last 3 months have been the busiest consistent quarter we’ve had since opening 16 years ago. There seems to be a constant flow of new valuations and new properties going on the market and coming under offer very quickly at very good prices. We are finding that some properties are selling within 7-10 days. The stamp duty exemption has without a doubt has taken the market into overdrive. Before lockdown we were busy but now we are crazy busy. I expect it to continue up until January or February with people pushing to get deals done before the March deadline.