Mini property boom
Mini property boom
Well, who’d have thought it? After months of the country being in complete lockdown, we’re now experiencing a mini property boom. Both nationally, and locally, people have been rushing to get their homes on the market, and a ‘For Sale’ sign pitched outside. Here’s why…
Stamp Duty Savings
Undoubtedly, the government’s decision to cut the Stamp Duty tax on homes below £500,000 until the end of March next year has had a lot to do with it. Whether you’re a first-time buyer or you have your sights on upsizing to a larger home, there’s the potential to make significant savings. We know of people who had decided to scrap selling their home in the near future. They were keen to wait until such time the economy and the country is more stable. But the stamp duty tax savings have been a big incentive to changing their minds, and selling their home now.
The lockdown brought things to light such as, new ways of living, lack of space, and not having a garden. These are just a few of the reasons why people are choosing to sell now. Lockdown has made people either love or hate their homes. For those with a dislike for their current situation and are fortunate enough to be in a good position, are doing something about it. We’ve seen increased demand for bigger family homes, where extra space is available for home working. There’s more desire for bigger gardens too. People are keen to use the outdoor space for extended living areas, in terms of outdoor dining, or building summerhouses, or outdoor office projects.
Now or never
The other consideration for homeowners right now, is the future. None of us have a crystal ball and can read what the future holds. There’s a degree of uncertainty when it comes to how the economy will fair in a few years’ time. Brexit is still to come; we don’t know how long Covid-19 will be around for. There are question marks around how this will all affect the property market. So, rather than wait and take the risk, people are seeing the time to sell as ‘now’. And when you take all these reasons into consideration, it’s clear why we are having a mini property boom at this moment in time.
We are independent estate agents in Altrincham, with considerable knowledge of the local area. If you are looking to sell your home and take advantage of the mini property boom, we can advise you on all aspects of your property sale. Customer service is at the heart of what we do. Contact us for a free, no-obligation property valuation today. Tel: 0161 941 4445