5th January 2021
As the UK moves into a third National Lockdown today (5 January 2021) those due to move house or keen to purchase a new home in 2021 may be feeling apprehensive about what the future holds.
The first national lockdown in March 2020 shutdown the property market entirely. Lenders were not offering new mortgages, estate agents were closed, no viewings were taking place and completions and exchanges were halted. This caused a great deal of stress to purchasers, sellers and property professionals. Many are still catching up with the backlog of transactions caused by the lockdown in Spring 2020.
This time round, the property market is very much open and free to continue which is great news for those planning to move into a new property this year.
Currently there is no stamp duty land tax on certain transactions under £500,000 to help keep the property market buoyant during the coronavirus pandemic. The zero% stamp duty holiday is due to end on 31 March 2021, meaning many are racing towards this goal as solicitors, agents and lenders work tenaciously trying their best to satisfy clients.
There are pressures on Government to extend or phase out the stamp duty land tax holiday to avoid the property market hitting a brick wall on 31 March. This will help to keep transactions going, help more people get a foot onto the property ladder and ease current pressures of those working in the property industry.
The end of the stamp duty holiday could upset the market which has been particularly thriving over recent months with demand often outstripping supply and house prices rising.
Many were concerned about how Brexit would impact the housing market; the impact of Brexit remains to be seen after the UK left Europe on 31 December. Many experts expect the impact of Covid-19 to overshadow the Brexit impact on the market.
We will be keeping a close ear to the ground and will keep you up to date with any changes.
Keep scrolling for 5 top tips for home-buyers in 2021…
2020 was an incredibly unpredictable year and we find ourselves also speculating over what 2021 may hold. Therefore, we offer some tips for would-be buyers this year in order to give yourselves the best chance of reaching your property goals.
1.Be clear on your affordability. Furlough and job losses can impact on your finances and viability for a mortgage. It is vital to be conservative with your budget for buying a home, understand what your monthly commitments will be and ensure that you can afford to take on the financial commitment of buying a property.
2. Stay organised. With the property market experiencing delays from third parties, it is important to keep on top of your paperwork, respond to emails and letters promptly and keep communication clear to avoid any delays or misunderstandings.
3. Be flexible and understanding. Navigating a purchase at the moment does come with risks. Make sure you understand the risks of missing the stamp duty deadline or the chance that your house price may dip later in the year. It is important to have a plan B.
4. Instruct early on. Having your ducks in a row will help align you as the preferred buyer. It is important to have your mortgage in principle offer as soon as possible and to have your solicitor instructed and on stand-by.
5. Stay positive. Moving house can be very stressful, following the 4 previous tips can help you to feel in control and positive.
If you are looking for an estimate for your house purchase, please get in touch with our Property Law Team on 01256 844888 or email firstname.lastname@example.org.
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The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
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