Thu 20 Aug 2020
"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."
Whether you’re a first-time buyer, home mover or buy-to-let investor wondering how and when to make your next move, JMP Solicitors have highlighted the top reasons why now is the perfect time to purchase a property.
1. The housing market is buoyant
Following the easing of Covid-19 lockdown measures, the current housing market is varied and buoyant following a reboot. With the recent government announcements, there are numerous opportunities open for those who are looking for their first home, are keen to move to a new home or want to add to their current portfolio. It’s worth speaking to a trusted adviser to work through the different options open to you at this time, so that you can navigate the routes best for you.
2. No stamp duty
The most recent government announcement about the housing market outlined an immediate stamp duty holiday up until March 2021, for homes up to £500,000. With low interest rates, property prices have not changed and so no losses will be incurred – it’s a great time to move, buy, and put properties on the market during this period.
3. Job security is good at present
As the economy reopens, overall job security is looking more positive and the furlough scheme has been extended with bonuses for potential employers up until the end of January 2021. Whilst this is the case, it’s a good time - especially for first time homebuyers - to start looking at getting on the property ladder.
4. You may miss a second pandemic
Many European countries are increasing Covid-19 safety measures again and the UK government announced that the risk of cases increasing in surrounding countries and potentially in the UK is a possibility. This is another reason to kick start the housing process, whilst the market is open for business so that you avoid potential hurdles that would come with a second pandemic. If this does happen, you will at least be in the position that you intended, if you start the ball rolling as soon as possible.
5. You’ll be settled by Christmas
If you start the process now, you may be in and settled by the busy Christmas period – which in terms of stress, will be much less hassle than having completions and move in dates so last minute. Ideally, you’d like to be out of the previous home, unpacked and set up ready for decorating the Christmas tree, wrapping presents and relaxing with friends and family, so timing really is key if this is important to you.
Jacqui Harley, head of conveyancing at JMP Solicitors, 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.