Is Now a Good Time to Buy a Flat or House?
As Covid restrictions ease and the stamp duty holiday begins to taper, we’re frequently being asked whether it’s a good time to buy.
There’s no doubt the tax concession and lack of supply did inflate prices and prompted some hasty buying decisions as the end of June deadline approached. Those who were unable to compete had little choice but to postpone moving or rent for longer in the hope that more property would then become available - and possibly at lower prices.
That hasn’t happened so far but we have noticed less competition for larger houses in particular as demand and supply move closer together. However, transactions are certainly more straightforward as lenders, solicitors, surveyors, search providers and removers are able to respond more quickly.
Record low mortgage rates and continuing shortage of stock as well as the government’s Help to Buy and mortgage guarantee schemes are continuing to support the market so a significant price correction is unlikely.
Why not share some of Jeremy Leaf & Co’s over 30 years’ experience of buying and selling property locally to find out whether now is the right time for you!
Jeremy Leaf, a former RICS residential chairman & independent North London Estate Agency owner.