The rules are constantly changing, so it’s easy to imagine that for homeowners on the move, these are tense times.
However, following the government’s latest tiered restrictions update, it’s good news for those who are thinking about relocating as buying and selling property is not restricted during this particular round of lockdown. And that’s not the only reason why now might be a good time to go.
From the stamp duty holiday to the fact that the housing market is particularly buoyant, there are plenty of reasons why now is a good time to move – whether you’re a first-time homebuyer, a homeowner looking for your next property or a buy to let investor.
Jacqui Harley, head of conveyancing at JMP Solicitors, says: “Since the easing of COVID-19 restrictions over the summer, the housing market has enjoyed a period of buoyancy, which is still continuing despite the second national lockdown and new tiered restrictions.
“Whether you’re looking to get on the property ladder, move home, buy additional property or add to your investment portfolio, now is a good time to purchase a property in this current climate, as the market is particularly strong.
“We have compiled a list of top reasons to move now, so those who act swiftly can make the most of this window of opportunity.”
Here is the list of five reasons to move now:
1. Buying and selling property is not restricted during lockdown
Property transactions are still permitted by the government, and solicitors and estate agent firms are allowed to remain open to the public during this time.
This means that the buying and selling of properties is not restricted, and there are plenty of opportunities available on the market, should you be looking for your first home or wanting to add to your property portfolio.
Many solicitors and estate agents are operating seamlessly between working from home and still welcoming clients to their offices, and with COVID-safe measures in place, property viewings are still going ahead, so you can carry on your search.
2. Housing market is buoyant
Since the easing of COVID-19 lockdown measures over the summer, the housing market has enjoyed a reboot and that growth has continued. The housing market remains strong with homes selling quickly, even before property particulars and brochures have been prepared.
Local authorities and the HM Land Registry are also speeding up their activity and clearing backlogs from recent months, which is preventing delays.
It is worth speaking to a trusted advisor to work through the different options open to you at this time so that you can navigate the routes best for you.
3. Stamp duty holiday is in place until March
The stamp duty holiday remains in place until March 2021, for homes up to £500,000. This makes now a great time to move, buy and put properties on the market without incurring extra costs. It is a good opportunity to get yourself on the housing market with this added incentive.
4. You could be settled in by early new year
Planning your property move now means you could be settled into your home by early 2021, or at least spring. Getting started as soon as possible ensures the festive holiday period will not delay the process any more than necessary, especially as solicitors are remaining open to streamline transactions at this time.
Buying and selling properties in a chain can often incur delays, but with the market moving rapidly thanks to increased demand, purchasing your next property may mean completion sooner than usual.
5. It is a great time to invest
The government remains keen to support the housing market as much as possible during COVID-19 restrictions and is actively encouraging lenders to offer favourable terms, to help home buyers and property investors secure their purchases.
As the market continues to boom house prices are going up due to demand, so if you’re considering selling your property, there is an opportunity to get more money out of it than normal, making it an excellent time to cash in on your investment and search for your next home.