Why Are Buyers Active Now?

18th September 2020

Why Are Buyers Active Now?

Given the current problems the country faces, including being in a recession, there is considerable activity in the housing market. It is natural for people to question why this is the case.

At Merrys, we are pleased to say we are housing market specialists in Northampton, and if you are looking for advice or guidance, we are here to help. If you plan on selling your home in Northampton, we can arrange a property valuation for you. We look forward to assisting you with whatever move you make next.

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.”

Buyers and vendors should be mindful of the deadlines

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

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

If you are looking for additional reasons as to why the market is busy now, Christmas is always worth considering. Many homeowners are keen to settle into a new home before the start of the festive season, and this is a factor driving some of the activity 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.”

We know a lot of people are looking for guidance and assistance right now. If we can be of any assistance, we will. Therefore, if you have any housing market questions, please contact Merrys today, and we will be happy to help.