With the UK being in a recession, it is natural for people to review their finances and hold off from making major decisions. There is considerable uncertainty surrounding the economic and financial future of the country, and these are situations which are usually harmful to the housing market.
However, the market is currently buoyant. At The Good Estate Agent, we have spoken to many would-be buyers in Peterborough, and there is demand for homes right now. There are many reasons for this, and if you want to make an informed decision in the local housing market, contact us and we will keep you fully informed.
The stamp duty holiday motivates buyers
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, and it is easy to see why so many people are keen to make a move while the saving is in place.
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.”
Miles also 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.”
Some people wish to move before a second wave of the pandemic
Given the impact of the lockdown earlier this year, it is natural people are looking to minimise the impact of any future lockdown period. Therefore, this is driving activity in the market, with households keen to move into a more spacious property, or a home with a larger garden to make any potential lockdown more manageable.
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.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. The Good Estate Agent prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your home, contact us today online or by calling us on 0330 223 0670.