Why Are People Buying Homes Right Now?

24th September 2020 posted in Sellers Buyers

With the UK in recession, it is natural for some people to question why so many property deals are taking place. Uncertainty is usually a barrier in the housing market, but as we have seen, there is significant activity in the local, London and national property market.

At Hunters Stoke Newington, we are pleased to say we have spoken with many interested buyers and vendors of late. This has helped us to determine why so many people are looking to make a move in the current market, and why many intend to do so soon.

If you plan on selling your home soon, we can help. We will ensure you know why buyers are looking to purchase property. When you are armed with this knowledge, you can make an informed decision regarding how to connect with these buyers.

Also, we can provide you with a property valuation. With a realistic property valuation, you will enter the housing market with greater confidence.

The stamp duty holiday has changed the market

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.

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 people’s behaviours has been shaped by the pandemic, and the lockdown. It is no surprise to see buyer demand for features such as open space, gardens and home office space have sharply increased since the housing market re-opened.

If there is a chance there will be another lockdown, people want to move home now or soon, as this will allow them more control over their life at this time.

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.”

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.