With the UK officially in a recession, it is a valid question for people to ask why is the housing market so busy right now. 2020 has been an extremely challenging year, and there are many more economic and financial challenges to come in the remainder of this year, and the next.
However, the housing market is currently buoyant. There was a lot of activity when the market re-opened, although this was expected. Of course, many industry observers believed the demand for homes would soon dry up, but this hasn’t been the case.
At Stones Residential, we have spoken with many active buyers and vendors in and around Stanmore. We know the reasons local buyers are engaging in the market, and we have considered the various studies into market activity.
Therefore, we are well placed to inform you as to what is taking place in the housing market right now. If you would like to arrange a property valuation or appointment, please contact us today.
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, and is a massive factor in why there is so much activity right now.
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.”
Some people wish to move before a second wave of the pandemic
If there is to be another lockdown, people would prefer to be in a new home by that time. The rise in demand for larger homes or a property with a garden is driven by how people felt during the spring lockdown.
No one knows what is likely to happen in the next few months, but many people aren’t ruling out another lockdown period. If this occurs, many households want to be settled in their new property by then.
The recession is encouraging moves now
Some industry observers believe house prices will fall because of the recession. This isn’t guaranteed, but risk averse people will want to lower their exposure to risk. Therefore, some of these homeowners might look to sell sooner rather than later, and this is increasing the supply of homes in the market.
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
