TO BUY OR NOT TO BUY – PANDEMIC CONSIDERATIONS

Many people are now thinking when will be the best time to buy a property. Some say that the COVID-19 pandemic created a situation where it is now easier and cheaper to buy. On the other hand many are worried about their jobs and whether they will be able to afford mortgage payments later on. The lack of stability is also strengthened by Brexit and the uncertainty to the property market when the new year will come.

You may have heard from your friends or read on various forums that the lenders are now asking for a bigger deposit (in most cases it is now 15% instead of 10%) which you might not be able to afford. It might however be tempting that the Government has announced Stamp Duty Holiday until March 2021 which could save you a lot of money.

Whatever your views and feelings are, the facts show that in Britain the average asking price of property has increased by about 2.4% (source: release from Rightmove). Around 200,000 sellers that could potentially offer their houses for sale during the lockdown period will now be coming to the market. Rightmove claims in their release that the number of sales agreed was up by 35% five days after the announcement of Stamp Duty Holiday comparing to the same day last year.

Allowing people to work from home during the pandemic could potentially mean that many employers will switch to this mode even when COVID-19 will end. This could mean that people will be looking for properties outside cities, preferably with a garden, to allow them to work in better atmosphere and rest from the hustle and bustle of the city.

You have to take into account all your circumstances and decide whether now is the best time for you to buy a property. If that is the case, or you are simply wondering how much your legal costs could be, please do contact us for a quote or generate one on our website.

If you have any questions regarding residential conveyancing, please contact Anna on 02077035034 or email anna@meaby.co.uk