As lockdown measures are easing, many people will be wondering whether or not this is a good time to put their property on the market.
It’s understandable that buyers and sellers will still be cautious, however there are a number of reasons why now could be the best time to get your property on the market and sell for the best price.
The property market is starting to bounce back
The country came to a standstill on 23rd March this year and left the property market floundering. House viewings stopped, estate agents furloughed, mortgages put on hold as buyers were suffering financially. All in all a frustrating time for buyers and sellers alike, as well as all those employed in the property sector.
However, spending more time at home than usual during lockdown has given people a lot of time to think, and may well have triggered thoughts of moving home for many.
Since the property market opened for business again, things have started to move pretty quickly. Frustrated buyers who have had to wait to buy their dream home have been rewarded with lower mortgage rates due to the drop in the Bank of England base rate and then more recently with a stamp duty cut.
Whilst sellers have been worried that economic uncertainty would see house prices falling, the new surge in demand from desperate buyers has kept property prices high, allowing sellers to get the desired asking price for their home.
Buyers are making the most of the stamp duty holiday
The pent up demand of buyers was the kickstart that the property market needed. However it is the recent announcement of the stamp duty holiday that has kept the housing market so buoyant. Chancellor Rishi Sunak has announced that buyers will be exempt from Stamp Duty on all properties up to the value of £500,000. This measure will run up to 31st March 2021, but buyers have been quick to take advantage.
Stamp Duty is a significant cost when it comes to purchasing a property. Buyers may now find that they are able to push up their home-buying budget or put more money towards a deposit helping them to secure a better deal on a mortgage and move more quickly.
If you are putting your current property on the market to purchase another home, then now is certainly a great time to take advantage of the stamp duty cut.
Late Summer is historically a good time to sell
Many potential sellers have used the quiet lockdown months to get their property into shape before putting it on the market. However, even without this DIY boost, your home will never look better than it does in the Summer (with the exception of snow-covered chocolate box country cottages!)
Kerb appeal will be at its maximum with your garden or outdoor space coming into its own. Outdoor space is often a priority for buyers, particularly those with a family, so being able to showcase this at its best is a surefire way to help you sell.
Buyers tend to look for homes in late Summer and Autumn as it gives time for the process to be over and done with by Christmas. It’s the time of year when everyone wants to settle down at home, and if a new one is on the cards, then even better.
We’ve also got to consider the likelihood of a second wave of Covid-19 infections during the winter months. This could lead to another national lockdown, causing the property market to stall yet again.
If you are looking to sell your home,then now may be the best time to take advantage of the above ‘perfect storm’ – a set of conditions which are currently in favour of sellers.
The above post does not constitute advice – financial, legal or otherwise. The information within this article is the author’s own opinion and do not necessarily reflect the views of SO Media or So Smart Money.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.