Despite this, July saw the highest number of house sales for 10 years – and record asking prices are being recorded in regions across the country, according to Rightmove. Behavioral changes and the axing of Stamp Duty on homes up to a certain value have been credited with causing the unlikely boom – but there are also caveats that come with the good news.
How long does it take to sell a house?
The latest Rightmove House Price Index has revealed that the current time to sell a property in the UK is just 50 days.
However, buyers are flooding the market to secure a Stamp Duty saving before the March deadline.
This means many buyers are facing long delays the industry struggles to cope with demand.
Sales done like this can be completed in 30 days, nearly halving the average time it takes to sell.
Unlike an auction, when using a home buying platform, the seller can set their own timeframe for completion – meaning sellers don’t have to up sticks and move on quickly, which can be handy if there is no current onward purchase in the works.
Homebuying platforms will give you a similar price to one that would be seen at auction – around 85 percent of market value.
This means the average UK home seller will achieve between £193,633 to £204,912 compared to the national average of £242,041.
Founder and Managing Director of Yes Homebuyers, Matthew Cooper, said: “There’s no doubt that dark clouds are starting to form over the property market as an overwhelming level of activity is seeing sales drag on for months on end.
“We’re already starting to see indicators of a potential market decline with down valuations on the up, sales falling through and a huge backlog resulting in many left in market limbo.
“The good news for home sellers is that there are alternatives available for those that need to complete quickly.
“Property auctions can be a great method of selling for those with unique circumstances although, as with all auctions, they carry a greater risk where price is concerned.
“Homebuying platforms offer far more certainty in this instance and can provide a tailored service to meet individual requirements.
“For those that need to move quick, utilising a homebuying platform can be a far better option than gambling at an auction or tackling the traditional market and the potential delays it can bring.”