Spring is notoriously the jump start to the property market each year and every year I notice that the market seems to start earlier, because the internet and the large property portals have driven the property market into a 12 month consistent marketplace, rather than the ebb and flow – rise and fall, in the summer and winter months we used to see 25 years ago when the internet didn’t exist.
However, this year I do feel that there are certain influences on the market place that will have an effect.
We were hoping that the stamp duty holiday will be extended into and beyond March 2021, however, we have had it confirmed that the stamp duty holiday will stop at the last day of March. This will herd the conveyancing process forward early in next year and there will also be some individuals who want to try to benefit from this significant saving by agreeing a purchase early on, however, with the heightened numbers of transactions and difficulties with furlough and working from home, it is a tall ask, to now process a transaction by March, if it has not already begun!
Interest rates are at an all-time low and borrowing is still very affordable, as long as you have the initial deposit! New purchasers are finding it difficult, as 95% mortgages are not as readily available as they once were and the better rates are offered for larger deposits. Having said that, we have a number of properties lined up to come to market this month and I see no reason why the market will not pick up where we left off in 2020 with a roaring start.