Historically, the Spring market has always been the busiest time for the property industry. However, with the relaxation of lockdown, 95% mortgages and the extension of the stamp duty holiday, we have reason to believe that the market will be busier than ever this Spring!
Here’s why you should consider putting your property on the market with us this Spring.
Relaxation of lockdown measures
When lockdown was lifted last year, we experienced one of the busiest periods in history, as buyers flocked to the property market in search of bigger houses, more outdoor space and room to work from home.
This year, there’s been huge buyer demand for all types of properties already, despite there not being enough time to take advantage of the stamp duty holiday before the original deadline. Once lockdown restrictions are relaxed, we’re expecting to see a whole new cohort of buyers who have been locked down in their current homes for over a year and are looking for a change – many of whom will have just missed out on the 2020 market before finding themselves in another lockdown.
Stamp Duty Extension and 95% Mortgages
As part of the Spring Budget last week, Rishi Sunak announced a three month extension and phased out approach to the Stamp Duty Holiday deadline, as well as government backing for 95% mortgages.
Transactions up to £500,000 will be Stamp Duty free until 30th June. After this time, buyers will not pay stamp duty on properties up to £250,000 in value until 30th September. This means that whilst buyers may not be able to take advantage of the initial saving, they may still be encouraged onto the market to benefit from the smaller yet still substantial saving on transactions up to £250,000.
Further, the return of 95% mortgages should give first time buyers and those looking for bigger spaces the boost they needed to be able to afford their next home.
Days are getting longer
Longer days = more viewing opportunities!
Buyers, particularly those in full time employment, are more likely to want to view properties when it is light outside. In Spring, full time workers can view a property in broad daylight at the end of their working day, which gives them more opportunities to view properties and more motivation to do so.
Whether you like it or not, we can all agree that properties look better when it is sunny outside. Brighter days are likely to illuminate your property’s best assets and improve kerb appeal. What’s more, as the weather improves and restrictions continue, people are more likely to become disillusioned with their current gardens and start to search for better outdoor space.
Many want to be settled before the summer
As has been the case for many years, the summer acts as a looming deadline for people to get settled in their new homes, perhaps to enjoy a new garden, complete the move over the school holidays or to work around their holiday plans. Particularly with the news that all restrictions will be lifted on the 21st June this year, many people will start looking at properties now so they can start making summer plans around their big move.
Taking all this into consideration, we can confidently say that Spring 2021 is an excellent time to put your house on the market – whatever type of property you own.
For a free, no obligation valuation to find out how much your house might be worth under current market conditions, click here.
To browse properties on the market with us at the moment, click here.