It’s no secret that the property market is the busiest it has been in quite some time.
Despite the pandemic, people are still keen to move. The reasons many of us move house – to gain extra space, to downsize, to start a family, for schools, for work – all still exist, so it’s no wonder. Add to that the fact we’ve all been spending so much more time around our local area and in our home, we’re finding our thoughts are turning to bigger gardens, picturesque locations and a home office. Maybe even a dedicated school room right now too!
We read an article in the Telegraph this week which showed that there are currently more than 536,000 property sales awaiting completion – all hoping to make the stamp duty deadline of the end of March. That’s double the amount during the same period in 2019. According to the Bank of England, mortgage approvals in October 2020 were at their highest rate since September 2007 – and 50 per cent higher than October 2019. In the first week of 2021, agreed property sales were up 16 per cent on the same period last year.
However, for many in the property pipeline, the stamp duty saving is a big reason they’ve decided to go ahead. So, what happens if they don’t meet that deadline? At the moment there are significant delays in the process of selling and buying a home. The combination of a sharp rise in demand with people having to work remotely, perhaps simultaneously home schooling or self-isolating, has left services over-stretched.
The average used to be 12 weeks for a sale to complete – it’s now taking nearer 20 weeks. With that in mind, of the current 536,000 property sales going through due processes, around 240,000 were agreed with less than 20 weeks to go until the stamp duty deadline.
The Guild of Property Professionals has suggested that up to a third of buyers may pull out of their deals if they don’t make the deadline, or for Covid-related reasons such as redundancies or change of circumstances. The worry is if the deadline is missed, some buyers may try to renegotiate purchase prices or will have to withdraw their offer, which could put whole chains of planned moves in jeopardy.
Here at McCarthy’s Storage World, we often find ourselves helping homeowners who have had their property purchase fall through – but they want to continue with their home sale, protecting those in the chain below. Many people decide they’d prefer to let their sale progress and move into temporary accommodation while they find a new home to buy. This does of course also put them in a strong position as a future buyer, as someone with no chain.
On moving day we can help provide a traditional removals service as we would on any property – we load up the van as usual but the items are actually put into large containers within the vehicle. Once full, we seal the crates and take them to one of our secure storage centres across Yorkshire, where it will be safely kept until needed. Once you have a new home to move into, we can then load the van with the still sealed containers and bring them to you to be carefully unloaded by our team.
Self storage can also be helpful in these situations – maybe you wish to put some of your personal items into self storage but will be taking your larger pieces of furniture to the property you’ll be habiting until you find your new home. We have secure self storage centres in York, Leeds, Harrogate, Wakefield and Huddersfield – all of which have a wide range of unit sizes, ample parking and plenty of equipment to help you move your items.
So, if you find yourself in the position that your purchase is falling through, but you want to continue with your sale, we’re here to help in whatever way we can. Your dream home will be waiting for you when the time is right.