At the end of March, Stamp Duty thresholds in the UK are set to rise, adding thousands of pounds to the cost of buying property. Because of this, current “under offer” properties are at increased levels with completions by the end of March due to be considerably higher than ordinary.
How does this benefit Gibraltar sellers?
We have seen an increase in prospective buyers looking to relocate or retire to Gibraltar in recent weeks. Many people have taken advantage of the ‘bubble’ in prices often seen when there is an impending stamp duty rise and buyers clamour to secure a property ahead of this.
We have already agreed sales to people in these circumstances who have now completed and, as the month rolls on, there are likely to be many more.
What is this market looking for?
Having been used to buying and selling property in the UK, this market is likely to be expecting a similar standard of marketing in Gibraltar. Although budgets may vary, it is likely that their buying behaviour may mimick that of the general buying behaviour in the UK. So it’s important to bear in mind that:
- 80% of buyers say that they would click on a listing purely because the initial image was appealing*
- 59% of buyers state they would bypass a property with an inside first photo*
- A third of buyers are less likely to enquire about a property if there is no floorplan (1 in 5 would ignore it completely)*
- Buyers spend 5 times longer looking at floorplans than photos*
Because the vast majority of properties listed by Estate Agents in England carry professional imagery and floorplans, there is a feeling that there is something ‘wrong’ with a listing that doesn’t.
For example:
“No external image” usually translates as “ex council flat”
“No floorplan” usually translates as “tiny/awkward room shapes”
How can you take advantage?
Although the UK stamp duty clock is ticking, there is less time pressure here in Gibraltar. As transactions complete in the UK towards the end of the month, that is the period that you want to ensure you are in the shop window.
At Richardsons, we operate in a similar way to Agents that these buyers will be used to. We offer magazine quality photography and RICS regulation marketing floorplans as standard on all sales listings. We also advertise on two of the biggest UK property portals; Zoopla and PrimeLocation, ensuring that we are capturing this important market.
In addition, we know who our clients are. We don’t spend our time trying to sell other agents’ listings, our time is spent tenaciously targeting buyers that are right for our own clients’ properties. By intentionally restricting our stock list to a manageable level, we can ensure that all of our clients are focused upon.
If you want to take advantage of this influx of outside capital, give our sales team a call now for a casual, no obligation chat.
* Research from Zoopla 2022