Homes are selling at a faster rate now than at any other time in the last decade, a major study has revealed.
The research, published by online marketplace Rightmove, comes as the Stamp Duty Land Tax holiday comes to an end later this year.
According to the statistics, almost seven in 10 (68%) homes listed for sale in June 2020 successfully found a buyer within 12 months – rising from 41% in 2012 and representing the highest rate of any year over the past decade.
This rises to 89% when only including properties in Scotland, 77% in Yorkshire and the Humber, 74% in the North West, and 73% in the South West and East Midlands.
In London, however, just 48 per cent of homes sold in the past 12 months.
The analysis is based on the sales data of 13 million homes listed on Rightmove between June 2020 and June 2021.
Commenting on the figures, the online agent said economic measures, such as the Stamp Duty Land Tax holiday, combined with low interest rate mortgages to “skyrocket” demand among homebuyers.
“There’s been a much greater chance of a seller finding a buyer over the past year, which really highlights the sheer number of people who have been determined to move,” said Tim Bannister, director of property data at Rightmove.
“While the long-term average shows that typically around half of properties sell, the increase in 2021 reflects the frenzied buyer activity we’ve seen in the current market, driven by multiple factors such as pent-up demand and changing priorities.”
He added: “We’ve seen from previous research that Scotland often contains the most likely areas to find a buyer, and London the least.
“However, the broader numbers are reflective of the trend we’ve been seeing all year, which is that buyers have widened their scope, and the popularity of every area in Great Britain is increasing.”
It was also revealed earlier this year that more homes were bought and sold in June than in any other month since records began.
HMRC said the figures captured “significant impacts from forestalling activity by taxpayers” ahead of the end of the Stamp Duty holiday.
The relief, introduced at the start of the coronavirus pandemic to stimulate the property market, increased the Stamp Duty land Tax (SDLT) threshold to £500,000 – meaning nine out of 10 homebuyers could avoid paying any tax at all.
But the temporary threshold was replaced by a transitional rate of £250,000 from 01 July, meaning buyers rushed to complete purchases ahead of the deadline.
For help and advice on the entire home moving process, please get in touch with our expert team today.
