Properties Across Bury Outperforming the Rest of England & Wales
There is no doubt that property prices have been on the rise across Bury. In fact, all but Whitefield has outperformed the rest of England & Wales!
As you will see from the table below, Prestwich has seen the biggest rise with a 12.9% increase but the rest aren’t too far behind.
|Area||% Price Rise in the Last 12 Months|
|England & Wales||8.50%|
So, what has contributed to these amazing price rises?
Last year, it seemed crazy that locking the entire country down would result in a mini property boom, but that is what happened.
Holidays were cancelled, many people were placed on Furlough, and families were living together full time. It led to many people re-evaluating space, particularly in their gardens, and some, of course, looking to downsize.
Stamp Duty Holiday
The Government then introduced a stamp duty holiday for any purchase up to £500,000. This has been extended until 30th June 2021, when there will be a reduction to £250,000, and this will officially end on 30th September 2021.
The stamp duty holiday, in particular, brought a glut of buyers to the market and…… they are still there.
Now, here lies the problem, or the opportunity, whichever way you see it.
This could be the LAST chance to get a Premium for your home!
This might seem like a strong statement, and, of course, in many years to come, it is almost inevitable that property prices will rise beyond unimaginable levels right now.
However, it is unlikely there will be a better chance to secure the best possible price for your home, certainly in the short to medium term.
Whilst that second stamp duty holiday ending might not be hugely significant in monetary terms (a £250,000 purchase currently saves you £2,500), the psychological impact on buyers could be.
Many people looking to buy are keen to take advantage of this, and the number of buyers out there could drop when it goes away.
HUGE Opportunity for Sellers
70% of Estate Agents surveyed reported that 75% of their stock SOLD over the asking price.
The average selling time for a property is 2-4 weeks – quicker than ever before and hugely significant when you consider that you will likely need 12 weeks to get to the completion date once you have agreed to a sale.
At the time of writing, there have been 2,180 transactions across the Bury Borough in the last 3-months. This is 29% down on last year, yet demand is up 28.6%, which is often resulting in bidding wars for properties and driving prices up.
So, there you have it. If you had been thinking of selling your home, NOW could be the time. I certainly wouldn’t delay if getting a premium price is important to you.
If you have any questions property-related, by all means, get in touch.