There are a wide range of influences that can prompt people to buy or sell in the run up to Christmas. With market momentum showing no signs of slowing down, we’ve pulled together the key reasons to explain what’s behind property market activity at this time of the year.
In 2020, it’s fair to say we’ve all had a rollercoaster of a year so far, with the pandemic and Brexit negotiations making it hard to predict what could happen in the months to come. However, what we do know right now is that the property market will remain fully open and that agents are being actively encouraged to continue progressing sales and lets, which should give homeowners and movers confidence regarding current market conditions. At the same time, there’s also the stamp duty holiday to consider. Ending in March 2021, the scheme will mean you could save thousands off your next property purchase, incentivising many of us to make full use of the savings on offer.
With some homeowners hesitant to buy or move in the winter months, you’re guaranteed better chances at finding serious buyers and seeing less competition for their attention. Whilst November and December are months that traditionally see more motivation from home movers, this will be especially prevalent this year, with everyone invested in completing before the stamp duty deadline. Meanwhile, as a buyer, your offer is likely to stand out, meaning you can reach ‘sale agreed’ sooner than in other seasons.
At the moment, interest rates are at a historic low, making it one of the best times to find a great deal on mortgages.
Don’t get caught out in the spring rush
In the past, we’ve experienced a spring rush, as those who had delayed their move for warmer months flood back to the market. Increased competition can often mean that you initially receive fewer viewings and offers, with buyers’ attention divided by the new listings coming onto the market. By avoiding the spring rush and starting the process now, you could secure a buyer in advance and be in your new home in 2021.