After the high number of agreed sales over the past few months in London with people trying to save up to £15,000 on the main part of the stamp duty holiday, there was always going to be a slowdown when the end of June arrived. However, I still believe now is a good time to buy and am confident the slowdown in the market is only a small blip rather than a long-term problem.
- Firstly, until the end of September there is still a further saving on stamp duty, even if a smaller figure, a saving of £2,500 for the first £250,000. This is still a good saving and something you will not see again soon so is worth taking advantage of.
- With the market cooling off slightly you are more likely to get a better deal on your ideal home, there are less buyers, and owners will be more open to accepting an offer to get the home sold.
- While the market around Southwest London is currently a bit slower, this area is always a good long-term investment and once the country opens up again, we will see prices slowly rise again, so buying at the bottom of the market gives you more financial gain.
- Mortgage rates are at an all time low with banks offering 95% mortgages to entice clients to come to them, if you can agree a long-term fixed rate, you will most likely be making further savings when you first move into your new home.
- Looking now means you will be under less pressure to rush into making an offer; less properties are selling within the first week of marketing and there are less buyers, giving you time to look at all properties before deciding on your ideal home. Often in busy markets buyers will feel pressurised into make an offer which you come to regret further down the line.
The truth is there is never an ideal time to buy a home, either it is a sellers’ market, and you are having to pay over the odds to secure your property, or it is a quiet market and there is less choice. There are numerous obstacles which can always put you off, however my advice is always when it is the right time for you start looking, make sure you do a lot of research and get a second opinion before making a firm offer.