Should I sell up or stay put?

Posted on September 30, 2020

The UK is now embracing a new normal post-lockdown, and many people are hitting resume on their personal and professional lives as a result. Those who were considering selling their properties before lockdown are now revisiting the prospect of moving onto pastures new once again.

According to the latest reports it is now a ‘seller’s market’, with demand outstripping supply and buyers desperate for new properties to come onto the market. Estate agents and solicitors are also back up and running once more, which means those property selling dreams are within reach for the first time in months. But is now the right time to sell up or should you hang fire and stay put for the time being?

Here our property experts answer that all-important question so you can decide what’s right for you at this uncertain and challenging time.

Stamp duty cuts make moving more affordable

The government’s stamp duty cut means that selling your current property and purchasing a new home is more affordable than ever.

Under the new rules, property buyers in England and Northern Ireland can now take advantage of a much higher stamp duty land tax (SDLT) threshold of £500,000, an increase that represents huge savings for those looking to move onto or up the property ladder. This stamp duty cut is due to end in April 2021.

Mortgage rates are particularly competitive

Mortgage rates are also at an all-time low at the moment despite the economic uncertainty surrounding the Covid-19 pandemic.  But this doesn’t mean that mortgage products are easier to access.

Many lenders have enforced stricter criteria for their mortgage applications, and you’ll need to pass stringent credit and affordability checks to access the best rates. Selected lenders are demanding higher deposits too, with some buyers having to hand over at least 15% of the property’s value.

House prices have risen – for now

As we previously mentioned, the property market today is very much a seller’s market. Rather unexpectedly, property values have risen within the UK and even at the height of the pandemic prices remained high. But it is important to state that these increased property values aren’t expected to last.

Long-term, property values are set to fall with the predicted recession and rise in unemployment expected to hit the property market hard. Selling now could mean taking advantage of more favourable market conditions.

Thinking of selling your property?

Preparing your property for sale is the key to taking advantage of current market conditions and maximising the value of your home.

Completing those DIY jobs that you’ve been putting off is just the beginning. We can guide you through the property selling process from initial market appraisal to completion. Contact our team today for further advice and assistance.