While many people across the country face economic challenges, there is a significant level of activity in the housing market. In South West London, we have spoken with many buyers and vendors who are keen to move as soon as possible.
This might sound surprising for some people, but there are many reasons why people are looking to buy and sell property at this time.
The housing market is currently buoyant
There has been considerable activity in the housing market since it re-opened. Some experts believe this is a temporary measure, but it has lasted until September, and there is no sign of slowdown.
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.”
Of course, while there are many professionals talking about the positive elements of the market, it is important to note not every professional in the industry feels this way. There are some experts who point out the challenges buyers face.
Laura Suter, who is a personal finance analyst at AJ Bell expresses concerns for what this means to the market next year. Laura said; “The fact that the move is temporary will be like a sugar rush for the housing market, with people who were planning to move hurrying to do so before the stamp duty holiday ends at the end of March next year. It means that we’re likely to see transactions fall off a cliff once the tax break is whipped away in 2021.”
At Holmes Estates, we know these are difficult times, but it is possible to make an informed decision. We look forward to assisting you, and with our help, you can make a move that is right for you and your loved ones.
Some people wish to move before a second wave of the pandemic
There are fears about another wave and associated lockdown. If this was to happen, many people would prefer to be settled in their new home by this point. Therefore, a lot of people are looking to move home soon.
Christmas remains a driving factor for some buyers
Anyone looking to be in their new home before Christmas should start the moving process as soon as possible. With this year being a challenging one, a lot of households are keen to make the festive season an enjoyable one.
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.”
We have considerable experience and expertise in the South West of London. We are ideally placed to help vendors, tenants and landlords during this challenging time. If you have any questions regarding the South West London property market, please get in touch with Holmes Estate Agents today.