Low stock and fast offers drives up offers
Looking at the latest national data, the monthly supply of available property remains vastly below normal expectations in all regions, down -37% compared to May 2019. Total stock of property for sale in England and Wales has set a further all-time low of 279,019, 31.6% lower than in June 2020 and 41.0% less than in June 2018. Focusing on Bath in isolation, the number of currently available local properties is down 25% on June 2020 and indeed lower than at any time since May 2017.
In Bath, the average is 71 days which is 44% faster than the same month last year. However, selling times are variable dependent on property type with local semi and detached homes taking over 35% less time to sell than flats for example.
With supply scarce, the typical national “time on market” for unsold property is now just 76 days. In Bath, the average is 71 days which is 44% faster than the same month last year. However, selling times are variable dependent on property type with local semi and detached homes taking over 35% less time to sell than flats for example.
This combination of lack of supply and faster offers continues to drive up demand and asking prices, with every English region reporting an increase since last month and the South West (+1.7%) in the top three.
Whilst supply has been boosted in previous hot markets by landlords choosing to sell up, this time double-digit rent rises and low void times are luring many to hang on to their properties and continue to let them out instead.
As the SDLT end June deadline is now past, the tapered tax saving for buyers completing by end Sept is now limited to properties under £250,000. Less than 18% of currently available local properties would potentially qualify in price terms. Taking into account average conveyancing times of 13 – 15 weeks, buyers would however need to have engaged solicitors before the end of June to be in with a decent shout of hitting this deadline for this saving.
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