Is it Too Late to Sell Your Property?



Reading time: 2 Minutes

 

With the housing market seeing an increase in property prices at their fastest rate in five years after the Stamp Duty Holiday was introduced, many are wondering if they have potentially left it too late to sell their property now that the initial phase of the Stamp Duty Holiday has ended. 

 

The average house price has increased by almost £20,000 since the pandemic hit over a year ago, and doesn’t show any signs of slowing down, at least for now. Provisional data from HM Revenue and Customs (HMRC) shows that there were 114,940 sales in May.

 

2021 is certainly a sellers market, and isn’t too late to sell your property. 

 

Should You Sell Your Property?

 

If the price of your property has increased, now may be the best time to put your house on the market. It is important to consider that purchasing a new property will come with potentially the same level of increase, but may potentially put you in a stronger position to obtain a more-affordable mortgage. 

 

The sudden demand for properties has resulted in a dispensation between the buyers and sellers market – the rapidly increasing demand for properties and lack of new properties that are being put up for sale is potentially creating a high level of competition for homes in the most sought-after areas. Many houses are being sold quickly for over the asking price.   

 

The new government mortgage scheme launched in April 2021 allows first-time buyers the chance to get on the property ladder with just a 5% deposit. (LINK TO 95% MORTGAGE SCHEME POST HERE ), and while the first phase of the stamp duty holiday has ended, the stamp duty nil band rate is set until the 30th September at £250,000 and will then return to £125,000. Opportunities to save during lockdown have also provided some first-time buyers with the ability to build up their deposits at a quicker rate.

 

The numbers of mortgage rates available, while still not up to the levels before the pandemic, are also beginning to increase again, with larger deposits attracting lower rates. 

 

The pandemic has also resulted in many re-evaluating their lives and adjusting to working from home and have spent time and money making improvements. Homeware, building services and trade costs have increased, and more buyers are looking for spacious homes in which they can work long-term

 

The housing boom is potentially a short-term increase, and house prices may be negatively affected once the government’s furlough scheme ends in September. 

 

Thinking about selling your property? Why not contact us for an instant valuation

Use our free valuation tool and to receive your free property value estimate online instantly with James Laurence. Find out how much your property is worth hassle-free, based on up to date local market values. 

 

Similar Posts

The people we've helped
  • 5 star review  We recently switched from another letting agency to James Laurence, as we found their team so warm and friendly and loved the local aspect of the agency. The team have absolutely exceeded our expectations, making the changeover feel so seamless and finding new tenants for our apartment at really short notice. Lotti could not have been more wonderful to work with, going completely above and beyond to ensure our tenants could move in just before Christmas. We felt an immediate affinity with her and have so appreciated her attention to detail, quick thinking and creativity. She has made us feel so at ease, supported and like our property is in the safest of hands. Charlotte and Melissa have also been so helpful and lovely to deal with during the process. Having worked with several other agencies in Birmingham, I cannot recommend James Laurence highly enough. Look no further, they are the best!

    thumb Julia Collins Andreu
    12/28/2022
  • 5 star review  The team at James Laurence was very helpful when I tried to find an apartment in Birmingham. I was in contact with a different letting agency but things fell through and they couldn't help me. A colleague of mine recommended James Laurence Lettings so I emailed them immediately since I was was moving from Sweden and the move would take place in less than a week. The team at James Laurence responded within 5 minutes and managed to offer me a few different apartment-options. Things proceeded quickly and smoothly and just a few days later I had they keys to the apartment. James Laurence helped me every step of the way and went above and beyond to accommodate my requests. The only minor negative thing I can say is that the interntal communication could be improved a tiny bit. I received slightly different information depending on who I was speaking with at the time. When I said I received different information earlier the person I spoke to said she would talk to her colleagues and then get in contact with me later with the "correct" information which she did and the issue got solved very quick.

    thumb Elias
    10/15/2022
  • 5 star review  Our experience with James Laurence Estate Agents was absolutely fantastic! Melissa Wilson made the application and referencing process smooth and easy with excellent communication. Everyone we spoke with from the office was kind, helpful, and welcoming. To top it all off, the loft we moved into was even better than the pictures! We are thrilled with our new home and we would absolutely recommend James Laurence to anyone looking for a place to live!

    thumb Dominic James
    10/02/2022
  • 5 star review  I have been very impressed with James Laurence, who have recently sold my property. Having previously had a poor experience with Purple Bricks, I instructed James Laurence to help sell my property. I have worked with Henry throughout the whole process and have found him to be very professional and knowledgeable as well as being efficient. It can't be stressed enough how important this is to have an estate agent that responds quickly, negotiates well and truly understands the market (especially during uncertain times like recently with the cover pandemic). I have briefly worked with Caroline and some of the other team members who also seem to be very efficient and friendly. Thanks again to James Laurence who I would fully recommend to anyone looking to Buy/Sell in Birmingham.

    thumb David Jolly
    6/16/2022
  • 5 star review  I recently sold my property with James Laurence, and the overall experience was great. They demonstrated a good knowledge of the Birmingham property market when discussing sales strategy, marketing and pricing (more than I was expecting) towards the beginning of my experience with them. This showed when we achieved 2 asking price offers within the first couple days of showings. Once an offer was accepted, their support did not stop there, Caroline (Sales Progression) did a fantastic job at liaising between myself and the buyers side, helping to progress items and remove any potential blockers. I would fully recommend James Laurence to anyone looking to Buy/Sell in Birmingham.

    thumb Jack Darby
    5/20/2022