I am sure you can guess the most frequently asked question to most estate agents at a social event? Of course, it is “With Brexit and COVID now is a bad time to buy isn’t it?”.
Most are expecting to hear the woes of a bad market and that is it a nightmare putting sales together, especially if you read certain newspapers, but my response always surprises people!
Now is a great time to buy and many savvy buyers are taking advantage. My view is that prices are lower than they have been and many people who need to move have been holding back to see what happens, these people will be out there house-hunting because they must move.
The Stamp Duty Holiday comes to end at the end of March, spring will then be in the air, COVID jabs should hit the critical level enabling the UK to open up for business. These factors are leading many experts to predict house-price increases through the summer.
With more people needing to move means the balance swings. With more buyers than sellers and demand outweighing supply, prices increase – something I have seen through many cycles of the housing market in the 20 years of Conran trading!
First Time Buyers (FTB’s)
For one type of buyer, the current market is favourable… First Time Buyers (FTB’s)!
With properties well-priced coupled with many non-homeowners having fewer outgoings during lockdown, buying now is an absolute no-brainer!
If I were an investor, I would also be looking at buying in this market too. With the sales market being subdued it has increased rents in areas and therefore gross yields have increased. Those investors who are concerned with HMRC taxation rules on mortgages can buy in Limited companies (take advice from an accountant). There is very little rental stock available in South East London – meaning that rents may well go up.
With mortgages freely available for most borrows and rates remaining cheap, now is such a great time to make your purchase! Have a look at www.conranmortgages.co.uk
So go on, what’s stopping you?