Property prices across the UK have continued to surge in recent months as buyers looked to take advantage of the stamp duty holiday. The booming market saw more British buyers than ever before looking for homes that suited their changing circumstances. Some buyers, which were once attracted to the bustling city life, have found themselves moving away from urban settings in favour of more rural locations with more space.
Three or four bedroom homes have been in high demand so have been snapped up quickly by keen buyers.
But if you’re a homeowner wondering whether to sell your home now, it’s a great situation to be in as Rightmove’s property expert Tim Bannister pointed out.
Mr Bannister said it’s still a “great sellers’ market” despite the end of the stamp duty holiday in Scotland and Wales and the threshold being reduced in England and Northern Ireland.
He added: “We’ve seen strong buyer demand leading to a much higher percentage of sellers finding a buyer for their home, and fewer unsold homes being withdrawn from the market.”
If you are looking to move house, big homes with plenty of outdoor space are in high demand.
Buyers who work from home more regularly and therefore commute less are now on the hunt for more space.
Rightmove had advised buyers to “be ready to move as soon as possible” so sellers know you’re keen and proceedable.
First time buyers looking for smaller homes or those with a smaller price point in mind looking for one or two-bedroom properties can take advantage of lower prices.
Prices haven’t surged as much in this sector but the choice is still limited when compared with 2019.
Mr Bannister said the current market could be a great opportunity for those looking to get onto the property ladder.
He said: “First-time buyers are currently benefiting from their sector having the most buyer-friendly conditions.
“Saving for a deposit is still very hard, but five percent is now an option, and with many paying rising rents, buying your own home on a lower deposit is becoming an opportunity again.”
If you’re a first time buyer, you can still take advantage of the stamp duty holiday if your homes under £300,000.
If it’s worth between £300,001 and £500,000 then you will only pay five percent on that amount.