Home sales rise in The UK, with more buyers opting for houses over flats

Home sales continue to rise in the UK. This comes as great news for prospective mortgage borrowers. This trend expects to see mortgage rates remain low as the housing market begins to get back on its feet.

There has been a slight boom since the market reopened in different parts of the UK. Sales were 76% higher than the five-year average, according to the realty website, Zoopla.

This follows the trend in the United States where pending home sales are the highest since 2005. It is likely that the sharp increase in home viewings will lead to further successful sales. Ultimately this paves the way for a strong recovery for the housing market.

Property sales for homes have sped up and are selling in just 27 days on average. Last year at this time houses typically took two weeks longer to sell. In Scotland, homes are spending an average of just 15 days on the market.

As buyers look to take advantage of the stamp tax holiday, home sales are on the rise nationwide.

Interestingly, the types of properties which buyers seem drawn to has changed, however. An increase in house sales versus one-bedroom flats has been higher than historical norms. Zoopla explains, “Buyer appetite has been widely attributed to pent-up demand resulting from lockdown, but it also reflects the impact on the nation as it collectively reassesses what it wants and needs from a home”.

Rival property website, Rightmove, recently stated that landlords and owners should show off gardens when marketing properties as this has become a coveted and desirable feature for those looking to purchase in the case a second lockdown occurs. Pictures of the kitchen and bedrooms had previously been considered key to attracting the attention of interested buyers.

As home sales rise in the UK, mortgage lenders are noticeably dropping their rates. The Bank of England rate remains at an all-time low as well. This is great news for those in a variable-rate mortgage.

This is due mostly to the fact the housing market is beginning to get back on its feet and buyers are ready to take advantage of government aid now available, such as the stamp duty holiday which continues through March 2021. It is likely that an increase in home sales will continue into the first quarter of next year, making it a prime time for prospective borrowers to look at purchasing if they can afford to do so.

Favourable mortgage rates will also likely contribute to a continued increase in home viewings and thereby sales as well. This means now is a good time for some prospective buyers to speak with a qualified mortgage broker service to help them find the best mortgage and highly competitive rates.

Contact us today to find out if you could save money on a better mortgage deal.