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November's Property Trivia

Q1. What are the new rules on buying, selling, and moving home following the new lockdown update?

Following on from the government's update regarding the revised lockdown in England, all non-essential businesses will be forced to close for a month between Thursday 5th November and Wednesday 2nd December. The housing market in England will remain open. It has been confirmed by the Housing Secretary – Robert Jenrick – that homeowners and renters will still be able to move and estate agents can still operate by going inside homes.

For more information about how we can help you to move safely in this period, please contact us.

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Q2. Based on the current average UK property price, how many units of the world's most expensive firework could you buy?

The world's most expensive aerial firework – the 'Yonshakudama' shell – weighs in at a massive 460kg and stands at 47 inches high! Based on the current average property price in the UK – £239,196 – you could purchase 207 of these monster fireworks.

 

Q3. Based on property type, which has seen the largest recent increase in price based on percentage difference?

The latest figures from HM Land Registry show that semi-detached properties saw a 4.1% increase in price over a 12-month comparative period, jumping from £221,347 to £230,455. Detached properties saw a 3.1% increase, terraced 2.4% whilst flats and maisonettes saw a comparative -0.5% decrease.

Click here to find out the current value of your property >

 

Q4. Which region has recently seen the strongest growth in terms of house prices?

The East Midlands region has seen the highest annual price growth over a comparative 12-month period. Prices here have increased by 3.6%, taking the average price to £202,345.

 

Q5. How much has the average property price in the UK increased by in the last 10 years?

Based on the latest ONS House Price Index, the average price of a property ten years ago stood at £173,417. With the current asking price standing at £239,196, there has been a £65,779 increase in the average value.

 

Q6. From the 1st November 2020, how many days have you got until the stamp duty holiday ends?

The stamp duty holiday ends on the 31st March 2021, which gives you 150 days. If you are thinking about selling or purchasing a new property, it is a good idea to contact us sooner rather than later to discuss your requirements. Recent reports from the mortgage team at Legal and General have found that, on average, it can currently take up to 15 weeks (105 days) to successfully complete a purchase of a property. This timeline does not include the holiday season either.

Click here to find out how much your property has increased in value >

Sources: HM Land Registry, ONS, Guinness World Records.

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