With the impending stamp duty increase set to take effect in April property sellers across the UK are presented with a rare opportunity to capitalize on heightened market demand.
The surge in buyer activity, driven by the desire to avoid higher costs, could allow sellers to achieve faster sales and potentially secure higher asking prices.
Additionally, sellers can also save on Stamp Duty Land Tax (SDLT) when purchasing their next property if they complete transactions before the deadline.
However, with the average time to sell a home in the UK now at 178.5 days – an increase of 12.3% year-on-year – the clock is ticking for sellers looking to benefit from the current market dynamics.
SIX STRATEGIES
In response to this, Open Property Group has outlined six strategies to help sellers secure a buyer within this limited timeframe.
Sell to a Cash House Buying Company (2–6 weeks)
The fastest route to selling a property is through a cash house buying company. These firms can complete purchases within 2–6 weeks, typically offering 75% to 80% of the market value. This option is particularly effective for non-standard properties or those with structural issues that may not appeal to traditional buyers. Sellers are advised to research carefully, checking the company’s track record, certifications, and customer reviews.
Sell at Auction (4–12 weeks)
Property auctions provide another avenue for a quick sale. Successful buyers are generally required to complete transactions within 28 days. Auctions are especially useful for unconventional or poorly maintained properties. However, sellers face the risk of achieving lower-than-expected sale prices, even with a reserve price in place, and must account for auction fees.
Use an Online Quick Sale Estate Agent (8–12 weeks)
Quick sale estate agents aim to sell properties for 80% to 85% of their market value. While these agents promise speed, they may lower their offers as the sale progresses to secure a deal. Sellers should weigh the potential savings against these risks.
Part Exchange with a New-Build Developer (Timeframe Varies)
Sellers moving to a new-build property can explore part-exchange options with developers, using the value of their current home to offset the cost of their next purchase. While developers typically offer reasonable prices based on professional valuations, the timeline depends on the progress of the new development.
Multi-Agency Listing (Timeframe Varies)
Listing with multiple estate agents can broaden market exposure and create competition among agents to secure a faster sale. However, this approach comes with estate agency fees and depends on the slower-moving open market.
Reduce the Asking Price (Timeframe Varies)
Lowering the asking price can attract a larger pool of potential buyers. Before adjusting the price, sellers should consult a new estate agent to assess the appropriateness of the initial valuation. A balanced approach is crucial to avoid leaving money on the table.
HIGHER TAX BURDEN
Jason Harris-Cohen, Chief Executive of Open Property Group, says: “In a couple of months, England’s home sellers will face significantly higher tax burdens due to the stamp duty increase announced in the Autumn Statement of October 2024.
“Given the average time to sell a property has risen considerably, sellers are under immense pressure to secure a buyer before the deadline to avoid paying thousands in additional taxes on their onward purchases.
“Property buying companies like Open Property Group provide a transparent, secure, and reliable solution for those needing to sell quickly without compromising too much on price.
“Our average offers are 80% of market value, with no fees or hidden costs, which can often result in a final outcome that’s as financially beneficial as traditional sales.”
“As the April deadline looms, sellers and industry professionals alike will be closely monitoring market activity to navigate this challenging yet potentially rewarding period.
