Rightmove reported this week that National sales agreed are up 50% on October last year, and they now estimate’s 650,000 sales are currently going through the buying and selling process, 67% more than at the same time in 2019. They went on to say that in the West Midlands the average asking price currently is £243,507, which represents an annual increase of 7.3% over the last 12 months. From the point of instruction to agreeing a sale, the average time is 47 days which is the shortest period in the country.
This is all positive news, but the time between agreeing a sale and completing contracts is taking longer and longer. As estate agents, we are doing all we can to help our clients, but it is a very frustrating process at the moment.
If you want to take advantage of the current stamp duty exemption, we offer the following advice.
- Before you view any properties, speak to a Financial Adviser and obtain an Agreement in Principle.
- When you have found a new home, and your offer has been accepted, apply for your mortgage immediately and check that your preferred lender's turnaround times will work with your timescales.
- Instruct a solicitor/conveyancer within a matter of days and advise them that you want to take advantage of the stamp duty exemption.
- Return all the paperwork that you receive from your solicitor/conveyancer in a timely fashion.
- Keep in contact with the Estate Agent who has sold the property; they are there to help you!
- Finally, do everything you can to find a home to buy in 2020.