Why you should buy a property now in 2020

21 Aug 2020

4 minutes

If you doubt whether to buy a property at the moment or not, JMP Solicitors have highlighted why now is the perfect time to do it, whether you’re a first-time buyer or home mover.

1. The housing market is buoyant

Due to the easing Covid-19 lockdown measures, the real estate market has significantly changed. Following the government announcements, the numerous opportunities are opening up for those who are keen to buy their first home, looking to move into a new home, or want to add to their current portfolio. It is worth speaking to a trusted advisor to find the most appropriate and available options for you.

2. No stamp duty

According to the recent government announcement, if you purchase a residential property until March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. With low interest rates, real estate prices have not changed, so there will be no losses - this is a great time to move, buy and sell real estate during this period.

3. Job security is good nowadays

This is especially the best time for the first-time buyers to start looking at the getting on the property ladder. As the economy recovers, overall job security is looking more positive, and the furlough scheme has been extended with bonuses for potential employers until the end of January 2021.

4. You may miss a second pandemic

Many European countries are increasing the safety measures again. The UK government has announced that the number of cases in surrounding countries and in the UK might increase again. This is another reason to start the housing process while the market is open for business. This way, you can avoid potential obstacles that could arise from a second pandemic. If this does happen, you will at least be in a better position.

5. You’ll be settled by Christmas

If you start the process as soon as possible, you may move to a new home by the busy Christmas period. You’d better be out of the previous home, unpacked and set up ready for decorating the Christmas tree, rather than being busy with all the house move routine. So timing really is key if this is important to you.

Jacqui Harley, head of conveyancing at JMP Solicitors, said, “Whether you’re looking to get on the property ladder, move home, buy another property or add to your portfolio, now is a good time to get moving in the current climate as the housing market is particularly buoyant. We have compiled a list of top reasons to move now, to outline what is available in the current climate for those who act swiftly to make the most of this window of opportunity.”