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Property News | North West Prices Hit a 16-Year High

North-West Prices rise up

House prices across the North West have hit a 16-year high with enquires, sales and new instructions all continuing to rise.

The time to sell a home falls 31% post lockdown

With property enquiries, sales and new instructions on a continual rise many people appear to be taking advantage of the stamp duty holiday.  The Royal Institution of Chartered Surveyors (RICS) UK Residential Market Survey for August stated that there had been a “sharp acceleration” in house price inflation in the North West with a whopping 73% of its member respondents reporting a surge in house prices, making it the strongest reading since April 2004.

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Homes selling within weeks hits an all-time high

If you are thinking about putting your property on the market, there has never been a better time to sell! Rightmove data analysts have also found that more properties are securing buyers and having offers accepted within a week than any other point over the past decade. The stamp duty holiday is largely to thank for this, along with the huge pent up demand from buyers after spending months in lockdown.

Rightmove’s property expert Miles Shipside stated “not only are more properties selling in the current market than at any time over the past ten years, many sellers are finding that the demands for homes following lockdown and the rush to beat the stamp duty deadline means they are achieving a quicker sale”

Changes in buyers’ priorities

To get the most out of increased demand, homeowners must adapt to a change in buyer needs. Britons are now searching for different things since the coronavirus pandemic left everyone in lockdown. 

Property experts have found that more people are now searching for properties with a garden and office space. Richard Donnell, director of research and insight at Zoopla comments that buyers “are now more than ever willing to commute into the city”. Life in lockdown has changed many people’s priorities. Whilst living in the centre of the capital may have once been the desirable choice, the lack of outside space, as well as internal space, will have led many to rethink their current living situations.

RICS survey data also found a consistent change amongst buyers and sellers want and needs in the wake of the pandemic, with larger outdoor space becoming an increasingly popular choice. 

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