There is still time to move before Christmas
In ‘normal’ times after you have found a buyer a house sale can take 3/4 months to go through to completion. It can sometimes take longer especially if you are caught up in a chain of properties as it only takes one bad link in your chain and everyone is left twiddling their thumbs while they wait for the issue to be resolved and/or be faced with starting the whole process of finding a buyer again. However these times are far from normal, businesses and individuals are struggling from the financial impact of the first lock down and as we come out of the second lockdown matters are no doubt worse for many people across the UK.
The housing market has been one of the more positive topics since the end of the first lockdown. As soon as the lockdown was lifted It was like the flood gates opened and the money that had been burning a hole of buyers pockets had to be spent. A stamp duty holiday was introduced albeit for a limited period until the 31st March 2021 which has added fuel to the fire making more buyers desperate to move and take advantage of the SDLT savings. Additionally there is no doubt that a large number of people who had been cooped up in their properties for the last 4/5 months probably felt it was time to move to a bigger place, whilst others faced with job losses and financial difficulties are moving to reduce outgoings.
As a property developer we've seen a fair level of interest in our new homes which has resulted in sales being agreed from strong buyer interest but it has to be said that the issues we have experience getting our new homes sales across the line have been exhausting to say the least. Buyers have found it particularly difficult to obtain mortgages, surveyors have had a field day with down valuations, solicitors & conveyancers have been swamped and unable to turn sales around resulting in sales that would normally take 28 days to exchange contracts taking well over 4 months to complete. We aren't the only ones seeing this, agents we speak to report that sales are through the roof, pipeline are better than they have ever been, but sales are slow to complete properties are constantly being down valued, buyers struggle to make up the difference leading to renegotiations and subsequent fall throughs. It's also interesting to still hear reports of buyers outbidding other buyers by large sums to secure properties which is another indication that price inflation is clearly being pushed up by unusually high levels of demand.
How sustainable is this and what does the future hold for the property market? An interesting report by Bank rate UK refers to a survey conducted by its mortgage experts who spoke to buyers across the UK, who have bought or attempted to buy a property in the last 6 months( March to October). The aim of the report was to uncover how mortgage lender uncertainty has affected the UK housing market. However the result were shocking to say the least and highlighted how 46% of buyers had had their prospective purchase down valued by the mortgage company, London 59% saw down valuations with 44% in the South East. The full article can be read by following this link https://www.bankrate.com/uk/mortgages/devaluation-report
If you have experienced difficultly with the sale of a property, been messed around by a buyer or are looking to sell and want to avoid being caught up dealing with a buyer in a chain or needing a mortgage. Perhaps you have a property that has some development potential and want to discuss increasing its value through a longer term subject to planning agreement? Whatever the situation Spring Developments have funds available and are able to complete most sales before Christmas or Exchange contracts with us and move in the New Year.So if you want to discuss a potential sale lets start a conversation. #webuypropertyinanycondition
