The UK housing market is moving at the fastest rate on record, with more properties that have been sold than are available for the first time, making it an ideal time to sell property fast.
The average time between a house being put on the market and being sold has reduced to just 50 days, according to Rightmove’s October house price index.
The pent up demand caused by lockdown and motivated buyers and sellers wanting to relocate due to the changing demands of their workplaces has helped to stoke demand, as well as a reduction in stamp duty on house sales until the end of March.
The change in lifestyle, as well as the need to either buy a bigger house with an office or downsize for cost reasons, has had major ramifications on the housing market, although time will tell if this is a long term trend or a short term bubble.
Much of this will depend on whether the lifestyle changes, such as working remotely, will endure long term and how the overall economy fares over the winter months, with several major areas including Liverpool and Manchester in the highest tier of restrictions.
This could have an effect not only on people living in these areas but also commercial property, which faces restrictions on opening conditions or is closed entirely as a result of lockdown restrictions.
The current situations are leading to people making big and bold decisions when it comes to housing, and what happens next could vary wildly based on what happens in the next few months.