With its longer days and warmer weather, summer has always been the season everyone looks forward to. Apart from summer blessing our skies with sunshine, summer is also a great time to sell a home.
Summer has always provided the perfect opportunity to sell a home and, with a unique set of circumstances for this year, selling a house this summer is sure to be a breeze.
Here at Chimneypots, we cover a variety of areas in Hampshire and Dorset which enjoy amazing summer weather. In this blog post, Chimneypots will tell you why summer is a great time to sell a home and why summer 2021 in particular means your hot property will be sold in no time.
Stamp duty holiday extension
On July 8 2020, chancellor Rishi Sunak announced a stamp duty holiday until March 31 2021. This year, the chancellor extended the stamp duty holiday in its current format until June 30 2021. Afterwards, it will still apply for lower-priced properties (up to £250,000) until September 30, after which the nil rate will return to the pre-holiday level of £125,000.
With the extension until the end of June, and then the end of September for lower-priced homes, there is bound to be a huge rush of property buyers in the early summer and early autumn trying to take advantage of the tax break. Buyers could make a saving of up to £15,000 if they purchase a property before the extension ends.
The significant savings being made by buyers during this period has meant more people are buying properties and this has pushed prices up. According to the Nationwide building society, UK house prices rose 7.1% over the past year – increasing the average property price to £238,381.
Nationwide said the stamp duty holiday has helped to affect the timing of property sales and now first-time buyers are in a better position to afford a house after saving money during the lockdown.
95% mortgage scheme
In another effort to keep the property market afloat during the pandemic, the 95% mortgage guarantee scheme was launched. The scheme is very similar to Help to Buy which ran from 2013 to 2016.
The 95% mortgage scheme was launched on April 19 2021 and will run until December 31 2022. The scheme has aimed to give buyers a boost while giving lenders confidence with a government guarantee.
The need for only a 5% deposit to purchase a home is likely to see more buyers clamouring to get onto the property market, allowing sellers to get more money for their property thanks to this higher demand.
It’s more appealing to move home in the summer months
The (generally) pleasant weather in summer also makes it easier to move home and it means that buyers and sellers will be eager to close a property deal during the summer. Moving boxes and possessions on a hot summer’s day is more appealing than carrying out the same process on a cold and damp wintry day.
Another reason why summer is a great time to sell a home is because many potential buyers will want their family settled into a new house before the new school term. Summer is the final opportunity to make sure that can happen, with potential buyers keen to have bought their new house before their children return to school in September. This makes selling in summer a great advantage for those who want to sell their properties quickly.
With the sun shining and clear blue skies, summer will have your home looking its best and therefore makes it easier to sell. If you have a garden, you can really spruce it up to make a good impression on potential buyers. You can beautify your garden yourself or hire a professional to sort it out for you.
According to research from Post Office Money, landscaping your garden can add 77% to the value of your property. Summer presents the opportunity to really allow a well-maintained garden to shine. Potential buyers will tend to look at properties online first, so great photos taken in the summer will make your property stand out from the crowd.
Here at Chimneypots estate agents, we are doing all we can to help our clients during these uncertain times. If you require further guidance on selling your home successfully in South Coast locations – such as Southampton and Portsmouth – during the pandemic, please contact our team on 01489 584298.