According to a study by Rightmove, the number of homes selling within a week of being placed on the market is at its highest level for ten years.
It is thought that the recent market activity can be largely attributed to the Government’s elimination of Stamp Duty for people moving into a new home up to a value of £500,000, and their reduction of the amount of tax payable in relation to second properties.
According to the study, one in every seven properties which were listed for sale on the property website were then marked as having a ‘sale agreed’ within one week of being listed. The report also suggests that sale figures are up 125% compared to the same period last year. Rightmove’s full report summary can be found here.
The figures are particularly encouraging given that there were initially fears that the property market would struggle in light of the Government-imposed lockdown in March.
At Devonshires we have continued to work closely with our Residential Conveyancing clients throughout the duration of the Covid-19 lockdown to ensure that all of our clients receive the same first-class service as they did pre-lockdown, whether our Lawyers are working remotely or from the office. We understand that accessibility and communication is fundamental to achieving the timely and successful completion of each transaction, and we pride ourselves on our ability to service our clients with maximum efficiency despite the circumstances.
If you are in the process of buying or selling a property and require expert legal advice, please do not hesitate to visit our website here, and to contact our Residential Conveyancing Team on residential@devonshires.co.uk to discuss how we are able to assist you.
