How Has the Pandemic Affected the Conveyancing Market?

 The lockdowns during the pandemic appear to have spurred a high interest in owning your own home and have changed people’s perceptions of what their ideal home is. People are now looking at properties that have gardens with green spaces locally for fear of further lockdowns. However, people still have major concerns that they will not be able to afford to move house.

 

First-time buyers are currently in a better position to get a foot on the property ladder as they can benefit from the 5% deposit option and the fact that house prices are not rising as fast as they have done in past years. As rent is on the increase, buying a property of your own on a lower deposit is more beneficial and something that many people are now taking advantage of. Buyers can also benefit from various Government schemes, including Help to Buy.

 

For homeowners, the pandemic has created a great seller’s market with fewer homes remaining unsold. A substantial number of homeowners living in city centres are now choosing to buy properties in rural locations. Owners of flats are choosing to move into houses to benefit from more outdoor space. During the lockdowns families who would normally spend money on foreign holidays, commuting, going out or shopping were able to save their money resulting in people having higher savings to put towards their move. This, coupled with better mortgage rates and interest rates not rising, is making it possible for more people to become homeowners or for current homeowners to buy the house of their dreams.

 

Whatever your housing needs, our highly experienced property specialists at Meaby & Co Solicitors can guide you through the legal process of buying and selling and will make your move and experience as smooth and hassle free as possible. Do not hesitate to contact us for a free, no obligation quote at info@meaby.co.uk or on 020 7703 5034.