- Wed 16 Sep 2020
With the Government announcement of the Stamp Duty Holiday until March 2021, the property market has seen a peak in activity in both buyers and sellers pushing house prices to an all-time high.
This very busy period is causing a delay in the home moving process. Solicitors had, and some still have, a number of staff on the furlough scheme. With less staff and more work, the conveyancing process is much slower than usual. The staff that are now returning to the workplace are catching up with work from before and during the lockdown and now have even more work to take on due to the surge in the property market.
Mortgage advisors and surveyors also saw a lot of staff furloughed due to the pandemic. This shortage in valuers means mortgage valuation appointments are often delayed by several days, more likely weeks, causing a back log in appointments and a delay in mortgage offers being issued.
According to the NAEA Propertymark, on average vendors will need to put their property on the market by the 26th September in order to complete before the Stamp Duty holiday ends on 31st March 2020.
Recent data from TwentyEA shows that the average transaction time from when your offer is accepted to the exchange of contracts is now 125 days, up from 107 day last year, leaving you just 4 weeks to secure a buyer for your home. Although time is still running tight, Bradleys average transaction time is just 94 days from the point of offer accepted to exchange of contracts, offering on average 4 more weeks to secure a buyer, or alternatively a little more time to get your home marketed.
So, although the Stamp Duty deadline initially seemed very far away, in the current climate if you do want to take advantage of the incentive you must act now. Bradleys offer a range of services and tips to help ensure the move is as smooth and quick as possible:
· Bradleys offer a selection of marketing packages to choose from. The Fully Comprehensive package offers professional photography, a 3D walkthrough tour, a bespoke brochure with floorplans and a stunning ariel video captured with a drone. When you choose Bradleys Fully Comprehensive package you are ensuring your property has maximum exposure increasing the chances of finding a buyer more quickly.
· Choose Bradleys conveyancing. Bradleys work with top local solicitors to provide a selection of quality conveyancers to help speed up your move and are in regular contact with their panel of solicitors to chase the sale and keep you updated at every step of your move. On top of this, all of Bradleys Conveyancing is offered on a no sale, no fee basis! Not only do they protect you financially from any abortive sales but ensure you are given the right guidance during a critical stage of your move.
· Choose Bradleys specialist Mortgage Advisors. Bradleys award winning team are available to ensure you get the best mortgage deal for you. All of their advisors are independent with access to all UK mortgage lenders and exclusive deals. We suggest you speak to them at an early stage of your move to save time and money!
Once you have instructed Bradleys, ensure you complete Bradleys property questionnaire and all signed compliance and return these to the agent as quickly as possible. This way we will have all information on the property if any queries are raised and will be able to get your property onto our website and all top property portals such as Rightmove and Zoopla without delay. We also offer feature and premium positions on these portals to enhance your property’s exposure further.
· Bradleys have a Customer Experience Team open until 10pm 7 days a week allowing them to respond quickly to all enquiries about your home. Peak internet enquiries are between 6pm and 8.30pm when most estate agents are closed, by choosing Bradleys you will ensure anyone interested in your home is responded to promptly and your property captures their interest ahead of any similar property on the market!
In summary, the sharp rise in activity across the South West housing market has meant there are delays further down the line with getting you moved, which means to take advantage of the stamp duty savings action will be required quickly to ensure you don’t miss out. We advise you contact your local Bradleys Team today to discuss your requirements.