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Why Is There High Demand For Property Right Now?

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Fri 18 Sep 2020

Why Is There High Demand For Property Right Now?

You might have noticed there is considerable demand for property right now, even though we are in a recession. If you are looking for guidance on why the housing market is experiencing a lot of activity, we can help.

At Coakley & Theaker, we aim to provide you with guidance and support in all matters, including discussing what is happening in the current property market.

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.”

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

Anyone looking to be in their new home before Christmas should start the moving process as soon as possible. With this year being a challenging one, a lot of households are keen to make the festive season an enjoyable one.

Any one of these factors by themselves could be enough to drive demand, but when you bring them all together, it is easy to see why there is a heightened level of demand for property right now. If you are looking to sell your home, we are here to assist you, and we can arrange a property valuation.

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.”

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.