Early summer usually heralds the start of the great British getaway, with suitcases packed, passports located and flight times double checked. This year, however, looks set to be a repeat of 2020, with a degree of uncertainty around holidays overseas.
What is a travel agent’s loss may be the property industry’s gain, as more Brits look to buy and sell in the traditionally quieter summer months. There are a number of reasons why 2021 is different, so if you’re sitting on the fence over the matter of selling your property, read on.
Stamp duty holiday…it’s not over!
While many of the headlines have focused on the 30th June 2021 deadline, when the maximum £15,000 stamp duty saving ends, the initiative has been extended. Although the discount threshold will drop to £250,000, home movers can still save thousands. From 30th June 2021 until 30th September 2021, there will be no tax to pay on the first £250,000 of a property purchase (or zero stamp duty if the property is worth £249,999 or less). The usual stamp duty thresholds will return on 1st October 2021, so movers looking to save money need to take action now.
Mortgage interest rates drop to sub zero
Borrowing money is at one of its cheapest levels for decades, thanks to a war between mortgage lenders to secure business. The competition has seen the re-introduction of rates below 1% this summer – 0.95% in some cases. The borrowing affordability is prompting previously hesitant buyers into action, which is boosting the entire home moving market.
Saving money has been a silver lining
If you’re thinking of selling but are worried about a lack of buyers, think again. Curbs on holidays, eating out and leisure activities last year allowed many to save healthy deposits. When combined, this summer represents the ‘perfect storm’ of buying conditions. We’re finding many purchasers are looking to make offers in the coming months for fear of missing out.
Selling your home this summer?
Here are our top 5 presentation tips ahead of photography and viewings this summer:-
- Tidy gardens: there is no doubt that outside space sells so if you have a garden, make sure it’s neat and tidy. Mow lawns, weed flower beds, prune back overgrown shrubs and clear away kids’ toys as a minimum.
- Set the scene: entertaining al fresco is big news, so set aside some time to illustrate what’s possible outside. If you have garden furniture, set it out as if you’re hosting and even dress the table as if you’re about to eat.
- Create kerb appeal: don’t let potential buyers get the wrong impression the minute they arrive outside your home. Attend to flaky exterior paint, hide recycling bins, sweep your front path, fix a broken gate and clean your front door or even give it a fresh coat of paint. You’ll get extra bonus points for a hanging basket in full bloom or a pair of artfully-placed bay trees.
- Make inside light and airy: summer is no time for stale air and dark rooms. Ensure all windows are sparkling clean inside and out, throw open windows and doors if the weather is fine, use fresh flowers or a natural home fragrance to scent rooms, and ensure blinds and curtains are open.
- Keep viewers comfortable: bear in mind viewings may take place during a heat wave….or a torrential summer downpour. Be ready to accommodate either with a cold drink or an umbrella, and don’t forget to keep the property’s temperature at a comfortable level.
If selling your property is this summer’s focus, let us know. We can get you on the market in a matter of days, making the most of this season’s super selling conditions.