Many of us toy with the idea of moving home for months before deciding to put our house on the market, and those looking to buy their first property may take their time to find something that they love within their budget.
However, with only a few months left of 2020, is now a good time to make your next big move?
Take advantage of the stamp duty holiday
The obvious reason for moving in 2020 is the recent announcement of a stamp duty holiday for all buyers. Previously, if you were buying your first home, you’d receive a break on properties up to £300k, whereas those just looking to move received a break on properties up to £125k. However, as of 8th July, stamp duty has been eliminated from all properties up to £500k (unless you’re buying a second property such as a holiday home or buy-to-let) meaning the potential tax savings could be put towards buying a bigger property than you could first afford.
And you might be thinking, “the stamp duty holiday is until March 2021, we’ll think about listing our property in the new year” but remember, it can take on average 15-25 weeks to sell your property depending on the market. With 35 weeks to go, the best time to move home is now.
Properties are selling within 24 hours
As restrictions continue to ease, the post-COVID property market is booming. The current pace of the market is making it harder to dilly-dally about whether you want to move, decisions need to be made quickly! At Simpson West, we’ve had homes in Corby and the surrounding areas sell within 24 hours of being listed. Buyers are taking advantage of the stamp duty holiday, snapping up properties faster than ever before. In addition, we’ve listed more properties in the last 2 months than the rest of 2020 meaning there are more properties to choose from when it comes to finding your next home.
House prices may change
There has been some discussion of a possible downturn due to Covid-19, but so far in Corby we have seen an increase in demand and house prices are looking healthy. If you’re looking to sell, now is the perfect time to do so as we’re seeing unprecedented demand for houses meaning you could afford that dream property you’ve had your eye on. There’s no immediate way to know if house prices will rise or fall, but with more people desperate to move home so they can take advantage of a reduction in stamp duty, we can expect a few more months of quick sales and happy sellers. And if you’re a first-time buyer, the best time to buy is always now, as you never know where things may go in the future.
Commenting on the current market conditions, our director Chris West said “It’s been great to see how quickly the market has bounced back in the weeks since lockdown. Thanks to the increase in demand we’ve registered record numbers of buyers and carried out 845 safe property viewings, leading to more than 100 sales being agreed. After so much uncertainty for buyers, sellers, landlords and tenants earlier in the year, we’re confident that these positive market conditions will continue throughout the rest of the year and into 2021.”
We always advise that you seek expert financial advice before making the decision to move.
At Simpson West, we’re always looking for new properties to let and sell. As Corby’s number one estate agent, you can rest assured knowing the sale of your home is in the best hands when you choose to work with us. Get in touch today for your free valuation.