Traditionally December can be a slow month for the property market in South West London both for sellers and buyers. As applicants start to slow their search and concentrate on Christmas, less people are out viewing, but also in a catch 22 situation a lot of clients take their properties off the market due to a lack of good viewings, hoping to come back on with a bang in the New Year, meaning there is a lot less to view.
Why do we think this will be different this year?
Due to the stamp duty holiday which is due to be ending at the end of March there are much higher stock levels across the board, meaning buyers have a good range of available properties to view.
Vendors are also keen to take advantage of the stamp duty savings and therefore will not be wanting to take their property off the market with time running out, instead they will be hoping to secure a buyer ideally by the end of December.
Due to high levels of stock, buyers have a range of properties to view and with there being only three and a half months left of the stamp duty holiday properties are being reduced and there are some very good deals out there to be secured
2020 has been a very unusual year and although we are all looking forward to a Christmas break and some possible normality, it is not going to be the traditional Christmas, people are less likely to travel as far, or have as many people at their houses and therefore less planning spent on Christmas and more spent on moving property!
The market has not been seasonal for some time, realistically ever since the E.U exit and the uncertainty this caused the property market. Since than there have been periods with little stock and price adjustments and before the pandemic started this Spring confidence had returned to the market. In this ever-changing world we live in I think most buyer’s and seller’s will make the next property step when it suits their needs and are not so concerned about seasonal changes.
Therefore, I would suggest if you are looking to buy or sell, now is the time to make the move; holding off for a better market or waiting for the Spring Market does not always pay off.
In the meantime, Sheraton Law wishes you a Merry Christmas and here is hoping for a much more traditional and successful 2021!