Picking the right time to buy a property can make the difference between a sound investment and a costly mistake. But if you continue waiting, you may never get on the property ladder or may be stuck in unsuitable accommodation for years.
So, when is the best time to buy a property? Here we look at the compelling reasons why you should be buying right now!
A buoyant housing market
It’s no secret that the housing market (along with many other sectors of the economy) took a nose-dive during lockdown. Things have now changed. Since the gradual easing of Covid-19 restrictions started, the housing market has enjoyed a comeback in many areas of the country. A back log had built up over several months and now there is a surge of people looking to sell and buy homes.
This presents plenty of opportunities and choice for people who are looking to buy a property. It applies whether you are looking to find a first home or move on to something bigger. It is also the case for investors who want to start or build on a private rental portfolio. The best option is to sit down with an adviser who can help you work out exactly what you can afford once all the fees such as legal costs and conveyancing fees are included.
Changes to stamp duty
In order to support the housing sector, some changes to stamp duty have been announced. This makes it more financially viable for many people to move home. If they can get a good deal on conveyancing fees and legal fees, the drop in stamp duty can keep the costs of buying a property very low.
However, there are different rates for different types of property and in different parts of the country so it is important to check the rules in your area before you make an offer for a property.
Time of the year
This would be a great time of the year to move as you are very likely to be settled into your new home by Christmas. However, this year it has even more advantages. You can get the ball rolling and get all the viewings out of the way before the predicted second wave of COVID-19 makes life more difficult again. Also, job security is relatively stable.