With the national lockdown gradually relaxing, people all over the UK are taking advantage of the boom currently taking place in the property market. Paired with the Stamp Duty Holiday and the Government’s latest 95% mortgage scheme, there has never been a better time to sell your Birmingham home.
Spring is renowned for being a busy sales period. However, this year is slightly different. Confidence in the market is at an all-time high, and it’s easy to understand why buyers are taking their opportunity.
This year, according to Rightmove, we saw the highest number of UK property sales made in one day since 2011. Plus, the statistics below support year-on-year growth for the UK property market over the last couple of years:
- Last January, we witnessed a 13-year high in the overall value of transactions in the UK housing market, a 7% increase from 2019.
- In 2021, a further 7% increase and new buyer enquiries are up by 18%, as reported by the Home Owner Alliance.
As you can see from the figures above, the buying demand has increased significantly in 2021, despite many people being fearful of the COVID-19 pandemic.
The Number Of Properties For Sale Is Lower Than Previous Years
Due to the increase in purchases, there is a smaller amount of properties on the market than in previous years resulting in demand outweighing the supply. As a result of this, expect to see high levels of enquiries for your property.
The Seller Has More Power
Following on from our previous point, the increased demand essentially puts more power in the seller’s hands, as they have the rare opportunity to be selective. Instead of rushing to get the sale over the line, sellers can take time to ponder over various offers and get the best price possible.
Stamp Duty Holiday Deadline Extension
The Government recently announced that the temporary cut in Stamp Duty Land Tax in the UK has been extended until 30th June 2021, meaning that no tax will be levied on the first £500,000 of property purchases in England and Northern Ireland. Additionally, from 30th June to 30th September, tapering will mean that no stamp duty will be charged on a residential property bought for up to £250,000. This is important for sellers, as it allows buyers to make considerable savings during this period.
Birmingham is Booming
With the introduction of HS2 and the ongoing regeneration of Digbeth, Birmingham is a city on the up. Buying demand is incredibly high within the city, and easing restrictions will only add to this. Like many cities across the UK, property prices are at record-breaking highs across the Second City.
95% Mortgage Scheme
The government-backed 95% mortgage scheme has now officially launched, which is another plus for sellers. The policy has been created to help first-time buyers get on the property market by allowing homes to be purchased with a 5% deposit.
Are You Ready To Sell Your Home?
We hope you find this news as exciting as we do! If you’re looking to sell your Birmingham home, it’s best to get things moving sooner than later, so you can capitalise on the current market.
We offer an award-winning sales service that includes the following as standard:
- A dedicated Sales Consultant
- High-quality professional photography and floor plans
- Bespoke marketing on Rightmove, Zoopla, PrimeLocation and OnTheMarket
- 24-hour access to your property updates
- Accompanied and virtual viewings
To find out more about our services, visit our dedicated Sales page or contact us on 0121 366 0456.
