A 110% surge in the number of house hunters looking for no onward chain properties has been reported by Rightmove.
The trend has arisen as more and more prospective buyers become aware of the delays in the conveyancing system caused by the stamp duty holiday deadline rush.
This is likely to intensify now that the government has revealed that a stamp duty holiday deadline extension has been ruled out by Ministers, as we reported yesterday.
Rightmove also says that Covid has triggered another change in house hunting and estate agent activity on its portal.
Work from home
It says the pandemic has prompted demand for bigger houses with spare rooms and extra areas to work from home.
This has led to a significant jump in agents highlighting offices and workspaces on property listings.
Between June and October search terms such as ‘office’, ‘workspace’ and ‘working from home’ increased three-fold in property listings, while there has been a 90% rise in house hunters looking for homes with an annex.
Homes with a fifth bedroom that can be used as an office have also been selling 30 days’ quicker than smaller properties and now take 62 days to move from initial listing to being marked as Under Offer or Sold.
“Over the past eight months, with the requirement for many people to work from home, we’ve seen workspaces evolving from laptops balancing on the end of the bed to fully equipped home offices in the garden shed, and everything in between,” says Rightmove’s Director of Property Data Tim Bannister (pictured).