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IS IT A GOOD TIME TO BUY A NEW HOUSE?

Although moving to a new home is a very exciting time of your life, there is a stigma it can be one of the most stressful things you will ever experience.

The property market has been hit hard since Covid-19, but with the market is now back open and going strong. Coupled this with the stamp duty holiday so many people are now asking the question is now the right time to sell and buy a new home?

We have all spent more time in our own homes over the last few months than we ever have and because of this lots of people have identified they would like to move home. For example, their existing property doesn’t have that extra Bedroom which could be used as an office, which for obvious reasons has been helpful since lockdown and maybe for the foreseeable future. Another key factor for people searching for a new home is a property with a garden.

The experts state that throughout the month of July demand was huge another factor behind the increase in people wanting to move home is the recent stamp duty holiday introduced by the government saving people £000’s.

This holiday lasts until the end of March and relates to property’s up to £500,000.

SHOULD YOU MOVE HOME?

Although a recent survey identified a significant percentage of the population would like to move they still have concerns about the future of the market, especially in the short-term.

FastMove’s Managing Director Christian Armitage recently commented ‘Since the market re-opened the level of people enquiring to sell their property’s is higher than the same time last year. This is both people wanting a cash offer and others who want a market appraisal.’ He went on to say ‘It;s not just enquiries which are strong sales and purchasers are also at a good level which illustrates people are serious about moving and the market is strong. However, whilst we expect the buying part of our company to remain buoyant, we do feel there is a chance our estate agency will slow down slightly. We expect this to occur once the furloughing stops and there is no safety net. Once this happens confidence in people may drop and the amount of people wanting to buy house will reduce. Unfortunately, we don’t have a crystal ball so we need to take one day at a time.’

It was announced last week the Country fell into recession, the first time in 11 years. Therefore, if you are looking to move you may want to think long and hard before committing. The obvious thing to consider is how secure is your job? Other things to take into consideration is how long do you plan to be at your next home for? This is important because if you see it as your forever home a slight fall in prices becomes more irrelevant.

As long as you are confident about you job security and its something you and your family are committed to and you are not just taking advantage of the stamp duty holiday and jumping on the band wagon of an active market then what’s stopping you?

 

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