Rightmove provided some information this month that ‘second-stepper homes’ consisting of three to four bedrooms have soared to record highs in asking prices to the tune of £291,618 due to the current increase in UK. Which is information worth keeping in mind if you’ve been thinking about upsizing your home.
Other sectors such as ‘Top of the Ladder’ properties consisting of detached 4 bedrooms and above are experiencing the strongest, with sales in August up by 104%.
Whilst it has always been viewed that the need for more space is a driving factor in upscaling, the pandemic has created a sense of urgency for those requiring working space within the home which has resulted in different sets of vying buyers for the same kind of properties from estate agents Stockport. Whilst a 4 bedroom property was a luxurious trade up for buyers at the beginning of 2020, they are now being classed as fully sought property for those able to get on the step.
As overall asking prices just a tad down on July’s record and buyer demand fully increased, those looking to secure their ideal home are likely to find offers in close proximity to the asking price to be successful for a larger property.
The Government stamp duty holiday put in place in July and in full effect until March 2021 is saving buyers upto around £15,000 in tax when purchasing a home, although house price inflation is unlikely to be sustained.
Northern regions are experiencing the strongest boom in price jumps, with Yorkshire, the Humber, the West Midlands and the North East and West all at record highs also.
Rural and coastal homes are proving amongst the most popular, as well as calmer areas and larger garden space. The impending fear of further lockdowns has played its part in those wanting to secure a quick buy and move before the end of the stamp duty holiday, unsure of how the market will balance after it has expired and wanting to seek buying a property advice.
With the number of mortgage approvals also rising to 66,300 in July, the housing market is enjoying its golden summer with a mini boom of home sales from behavioral shifts, with an estimated 40% more house sales currently being processed against the same time in 2019, leading to congestion in sales in progress.