With the United Kingdom officially being in recession, it is natural for people to review their finances and try to draw up a budget for what is coming next. It is also perfectly natural for people to observe what is taking place around them.
This will lead many people to question why the housing market is so busy right now.
“At Thomas Morris, we have been contacted by many keen buyers and vendors”, said Thomas Morris Biggleswade Branch Manager Ryan Coyne. “If you are keen to move soon, contact us, and we will assist you.”
The same story is being played out in our other branches, and across the country. There is significant demand for homes right now, and there are many reasons why people are looking to buy or sell property soon.
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. There is a chance for many buyers to save a lot of money right now, and this has incentivised a large proportion of the market.
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
There is no denying the lockdown of spring 2020 has impacted many people, and it has changed people’s priorities. With some people worrying about future lockdowns, it makes sense to move into a home which will be more suitable.
Buyer demands are currently focused on having a garden space, on larger homes and having a home office space.
The recession is driving some demand
One of the biggest issues the UK housing market has faced in recent years is a lack of supply of properties. However, some industry experts suggest house prices will fall because of the recession. This is by no means guaranteed, and there are other professionals who suggest the opposite will occur.
Of course, some people are risk averse, and the thought of losing money when selling their home is a concern. Therefore, these homeowners might feel motivated to sell now, to avoid this outcome. This has boosted the supply of homes in the housing market.
If you plan on require guidance on the property market, or you would be keen to value your home, book a valuation at a time that is of suitable to you or alternatively, you can phone our Biggleswade branch, managed by Ryan Coyne by calling us on 01767 310111.