Why Buyers Are Purchasing Homes Now
If you plan on selling home, it is vital you know what buyers are looking for, and why they are active in the market. With the UK currently in a recession, many people are questioning why there is so much activity in the housing market.
If you want to know why buyers are purchasing homes now, we can help. At Harpers, we stay in touch with what is happening locally, and we follow what is happening across the country. The following factors all play a role in why buyers are purchasing homes now.
The housing market is currently buoyant
There has been considerable activity in the housing market since it re-opened. Some experts believe this is a temporary measure, but it has lasted until September, and there is no sign of slowdown.
The stamp duty holiday has changed the market
The stamp duty holiday, in place until 31st March 2021, provides buyers with the chance to save up to £15,000. This is a significant saving for many buyers.
Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”
There is no denying that many people have been encouraged to engage the market thanks to the stamp duty holiday. Miles Shipside said; “Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”
Of course, not every expect is overly optimistic about the future of the housing market. Laura Suter, who is a personal finance analyst at AJ Bell expresses concerns for what this means to the market next year. Laura said; “The fact that the move is temporary will be like a sugar rush for the housing market, with people who were planning to move hurrying to do so before the stamp duty holiday ends at the end of March next year. It means that we’re likely to see transactions fall off a cliff once the tax break is whipped away in 2021.”
Some people wish to move before a second wave of the pandemic
There are fears about another wave and associated lockdown. If this was to happen, many people would prefer to be settled in their new home by this point. Therefore, a lot of people are looking to move home soon.
Jacqui Harley is the Head of Conveyancing at JMP Solicitors, and he said; “Whether you’re looking to get on the property ladder, move home, buy another property or add to your portfolio, now is a good time to get moving in the current climate as the housing market is particularly buoyant. We have compiled a list of top reasons to move now, to outline what is available in the current climate for those who act swiftly to make the most of this window of opportunity.”
We know this is a challenging time, and for many households, the thought of buying or selling property is far from their mind. However, we also know many people are keen to keep themselves entertained, and some people may have property market issues. If we can be of any use to you, please contact Harpers Estates, and we will be more than happy to assist you.
