Why Are Buyers Purchasing Homes Now?

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Why Are Buyers Purchasing Homes Now?

Even though the UK is now officially in a recession, there is considerable demand and activity in the housing market. We have welcomed many prospective buyers in recent weeks, and we are here to assist any Darlington buyer or vendor to assess their options.

If you are looking for information as to why buyers are purchasing homes now, get in touch with Anthony Jones, and we will be happy to assist you.

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. They will find there’s currently record demand for their properties from prospective buyers, with Rightmove enquiries to agents now double what they were before lockdown. 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

It is natural many people will have concerns about another lockdown. This will likely drive demand for larger property, or a home that will make the occupants feel more at ease during a lockdown period.

Christmas remains a driving factor for some buyers

You should also consider factors like Christmas. There is usually some activity in Autumn as prospective homebuyers step up their process to ensure they are settled into their new house in time for the festive season.

Given the challenges this year, there will be many people keen to make the most of Christmas this year, and it is likely this will further drive demand and activity in the property market right now.

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. We have compiled a list of top reasons to move now, to outline what is available in the current climate for those who act swiftly to make the most of this window of opportunity.”

If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.