Property: Is now a good time to buy?
The government's Stamp Duty holiday ended this month - but does this mean that house buyers have missed the boat to nab major savings? We asked property lawyer Ossie Swain.
Buying a property is undeniably an exciting time – whether you’re relocating to a new area, upsizing, down-sizing or buying a second home.
But you need to stay alert – and those who are mid-sale will need to complete by the end of September, or risk having to pay up to £12,500 extra to make sure the sale goes through.
Unsurprisingly, the result is that revised offers are already starting to pile in around the country.
Estate agents are having to re-negotiate previously accepted offers, and the next few months is likely to see an expectation from buyers for reduced asking prices from sellers – especially if they want to make a quick sale this summer.
The normal patterns of the housing market have been distorted by the Stamp Duty holiday, and that’s expected to continue for the next six months at least.
The scramble to save money on property has, as you’d expect, injected rocket fuel into the property market. That means prices have gone up and houses are literally flying off the shelf. Properties that may in the past have been on the market for weeks, are selling in days.
So what does this mean. According to Ossie, lifestyle changes during the past year are still a driving force in the market. And there is no reason to suspect their will be a ‘cliff edge’ fall in prices, it’s just an opportunity to seize the moment, and strike a harder bargain.
Ossie Swain, is a Partner and Residential Property Team Leader, at Bishop and Sewell, dealing with all aspects of residential conveyancing, including sales, purchases and re-mortgages of freehold and leasehold property. Contact Ossie by emailing firstname.lastname@example.org or by calling 020 7079 2420
Bishop & Sewell is a long-established, full service law firm specialising in Personal, Property and Commercial legal matters.