Reasons Why You Should Still Move During The Lockdown
As you all know, the second lockdown came into force on Thursday 5th of November, but what does this mean for the property market here in England? In this article, I look at the facts and share with you reasons why you should still move during the lockdown.
How the property market is still positive during the lockdown
Maybe the main positive thing about the property market is the fact that the market will remain open during this lockdown. Housing Secretary Robert Jenrick confirmed that property moves would still be allowed and that tradespeople are still able to enter the properties. Also, the UK’s lockdown restrictions may provide an unexpected boost for the housing market, as parts of the conveyancing system struggle under the pressure of high volumes of transactions.
According to the latest RICS Residental Market Survey, demand for new properties and the flow of new homes being listed for sale across the UK’s housing market remained strong in October. With the market open for business during the lockdown, it is expected the latest upturn in sales to continue for the rest of the year.
During October, both, the number of people looking to buy a new property, and the number of new properties being listed for sale, increased for the fifth consecutive month. As more properties are listed for sale, and the pent-up demand continues, the number of agreed sales continue to rise.
The government’s stamp duty holiday on properties up to £500,000 until March has fuelled a sharp increase in house prices since the onset of the coronavirus pandemic, despite economy plunging into the deepest recession on record. The so-called race for space, with many people reconsidering their lifestyles and looking for larger houses, or rural homes, during crises has also fuelled demand for bigger properties with outdoor space.
Overall, the property market has actually recovered far more rapidly than many had previously predicted, and has had a busy few months since it was released form lockdown restrictions in Mid May. Recent figures from the housing market actually appear wholly positive.
Positives about the Dartford Property Market
So, if you are among the many property seekers, Dartford Property Market might be just the right place for you. According to analysis, homeowners in certain parts of Dartford are among the housing market's "biggest winners".
Among the places where asking prices have seen the most significant jump over the past decade, between September 2010 and September 2020, are Swanscombe and Stone.
Swanscombe witnessed the second biggest surge of anywhere in the UK, with the average house price almost doubling from £158,662 in September 2010 to £327,106 ten years later. The town, which sits between Dartford and Gravesend, benefits from easy access to Ebbsfleet International Station, at the heart of the new Garden City plans, and is also near where the London Resort theme park is planned to be built.
Nearby Stone was also declared one of the biggest "winners" after seeing a rise from £178,075 to £322,911, an increase of nearly £145,000.
Purchasing property in a city centre can come at a hefty price which pushes homebuyers to look elsewhere. Commuter belts are popular areas to live because they offer great transport links with properties being much more affordable.
Purchasing a home is a huge investment and often requires many years of saving before moving onto the property ladder. With cities being out of reach for a lot of people due to the cost of living, the latest research from property experts suggests that Dartford is among the most affordable places to live in the UK with great transport links directly into the capital.
Moving further away from London could save potential homebuyers thousands whilst being a reasonable commute away from the capital. A move to Dartford could help homebuyers save 17 % on the average property price. This equates to around a saving of between £87,000 and £159,000 that can be made if opting for a house in areas outside of the city centre.
reasons why you should still move during lockdown
From the stamp duty holiday to the fact that you could be settled in by the new year, 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.
And here are the reasons why you should do it:
1. Because you can
Because despite the closure of non-essential shops and businesses following the second lockdown, property transactions are still permitted 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.
2. Stamp duty holiday
As part of its Plan for Jobs, the government introduced a temporary stamp duty holiday for residential properties worth up to £500,000 effective from 8 July 2020 until 31 March 2021. The holiday means nine out of ten people getting on or moving up the property ladder will pay no SDLT at all. This measure delivers an average saving of £4,500 in SDLT. It is an excellent opportunity to get yourself on the housing market with this added incentive.
3. Housing market keeps rising
The current housing market is varied and keeps rising following a reboot after the easing of Covid-19 lockdown measures. With the recent government announcements, there are numerous opportunities open for those who are: looking for their first home, are keen to move to a new home, or just adding a new property.
The housing market remains strong with homes selling quickly, in some cases, even before property particulars and brochures have even been prepared.
4. The conditions for buyers are good
As well as the stamp duty holiday and various other initiatives to encourage buyers to buy, purchasers also find themselves in an environment of record-low interest rates. To protect the economy against the coronavirus, the Bank of England slashed its base rates. As the coronavirus crisis worsened, the Bank’s Monetary Policy Committee cut them even furthermore.
Meaning that borrowing conditions are improved when interest rates are very low, and so the change has been to the benefit of buyers seeking to secure a mortgage on favourable terms. As a result, the mortgage market has become very competitive.
Well, I hope this article is able to help a few of my readers. If you have any questions or would like to add anything to this post, please feel free to contact my using my details below.
More than just an estate agent…
I’m Gary Lintorn - Let Me Get You Moving...
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