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Homes are moving 31% faster since lockdown

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– 01 September 2020 –

Homes are moving 31% faster since lockdown

The time to sell a home has fallen by more than a quarter in the UK. No surprise considering buyer demand, since the start of the year, is +34% higher than over the same period in 2019.

Source: Dataloft, Zoopla

The number of days between first marketing a home to receiving an offer is on average, since lockdown was lifted, 27 days. This is -31% lower than the same time period in 2019.

Time to sell varies by property type, at present, 3-bed houses sell the fastest, 24 days. 1-bed flats take the longest to sell, 34 days.

Time to sell has decreased as a result of available supply falling short of buyer demand. 4 and 5 bed houses are now selling 16 days faster, the biggest decrease seen.

Price it right

It is no surprise that homes that are priced ‘right’ sell more quickly. Such homes currently sell 26 days quicker than homes that have experienced a price reduction, according to new research by Rightmove.

Source: Dataloft, Rightmove, based on 300,000 newly listed properties.

Correctly priced properties are nearly twice as likely to be Sold Subject to Contract within four months of listing than those that have had their asking price reduced, 63% and 32% respectively.

It is estimated that around 16% of properties currently on the market have experienced a price reduction, properties reduced on average by 5% from their initial asking price.

Although sales volumes have risen since the market reopened, transactions in August up over 15% on July (HMRC), volumes remain lower than a year ago. Sellers who are serious in their intentions to sell are well advised to listen to their agent’s advice on local market pricing.

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