Good News For Property Sales!
Posted on 7th July 2020
Our Conveyancing Team are certainly smiling at the moment with the number of sales recovering from a 94% drop at the height of lockdown to just 3% below last year’s figures.
The latest Rightmove house price index has shown that activity has bounced back, presumably some of this activity can be attributed to the delayed spring market, however this does not account for asking price of property being up by an average of 1.9% compared to March before the housing market was put on hold.
Is now a good time to sell my property?
The price index appears to tell the story that now is a good time to sell. Buyers seem to be more prepared to pay closer to the asking price and according to the data seen in the house price index buyers are agreeing to pay 97.7% of the asking price on average.
Is now a good time to buy a property?
If you are looking to buy a new build, then yes. Housebuilders do not have the same option to hold off on the sale of property, they are also much more realistic when it comes to price negotiation, after all they have to sell and they are far less likely to be emotionally attached to the homes they are selling. It is also worth noting that many housebuilders have accounting periods ending on the 30th June 2020 so they will be looking to meet new sales targets which may well provide a good opportunity to negotiate a lower price.
Will I have to pay stamp duty?
At the moment, yes. Although the Chancellor is expected to announce a six-month stamp duty holiday in his “Summer Economic Update” on Wednesday. There are rumours that we may see the stamp duty threshold temporarily raised from £125,000 to between £300,000 and £500,000.
So, how do you sell a house?
Our Property Solicitors have set out some key steps:
1. Figure out your finances: How much is your house worth? What will you be left with once you have redeemed your mortgage? Do you want to buy another house or start renting?
2. Choose an Estate Agent to sell your house. Compare local estate agents and online estate agents. Sometimes, having a branch you can visit can be more useful than a cheaper agent who is not there to assist when it is needed.
3. Get an EPC Certificate, more on this here.
4. Decide how much to sell your home for. You should be prepared to have to negotiate, so it might be worth adding 5% to what you are prepared to accept. Research the local market and see what other similar local properties are selling for.
5. Prepare your home, think kerb appeal, tidy up, rid excess clutter and get rid of any bad odours.
6. Hire a property conveyancing solicitor. Remember, shop around! Some Solicitors pay Estate Agents referral fees for recommending them to you, these Solicitors usually add the referral fee to your bill. Our Conveyancing quote always includes exactly what costs you should expect to pay, no referral fees and no hidden costs! MG Legal set up to be independent, and pass the savings onto our clients, and we shall continue to do so.
For a no obligation quote contact our Solicitors in Lancaster who have years of experience to confidently navigate you through the property buying process with ease. Make buying or selling your home easier by contacting MG Legal, Solicitors in Garstang either via firstname.lastname@example.org or call 01995 602 129. If you live nearer to Preston, then our property team in Preston will be more than happy to assist. You can contact them on 01772 783314.
MG Legal – Your Local Solicitors
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