With new rules in place in an attempt to minimise a second wave of the COVID-19 pandemic, it is natural people question how it will affect them.
If you are looking to make a move in the property market, you want to feel confident. At HoldenCopley, we aim to ensure you receive the support and guidance you need at all times in the housing market.
People should be prepared for changes in the housing market, says Ross Counsell, who is a chartered surveyor and director at regulated property buyers, Good Move.
He said: “We believe buyers will still take full advantage of the stamp duty holiday to save them money. However, whilst the stamp duty deadline of March is still six months away, buyers ideally need to purchase a home before Christmas to ensure they have enough time for completion ahead of the deadline.”
He also said; “The new restrictions may delay the time it takes for everything to go through, therefore the more time buyers give themselves to prepare, the better. Moreover, we also advise buyers to speak with a financial advisor to help guide them through the house buying process. Using a financial advisor and their expertise will ensure buyers get the best possible mortgage for their circumstances at the best possible rate which in turn, will protect their assets.”
Allow yourself more time in the housing market
It is helpful for people to allow themselves as much time as possible to complete a property deal. The mortgage industry is said to be working at a slower pace, and of course, they are experiencing a greater level of applications because of the stamp duty holiday.
It is not unreasonable to assume the mortgage application process will take longer than usual.
Ross Counsell also said; “During these unprecedented times, buyers should do their research before purchasing a property instead of putting an offer on the first home they see. Price, location, and space are the three important factors buyers should consider when looking to buy a property. Average house prices are on the up due to the recent surge in activity, however, as we know, they will soon start to decrease.”
We help you make an informed decision in the housing market
As local housing market specialists across the East Midlands, we are well-placed to help you make an informed decision regarding your next move. If you would like to discuss your options, please get in touch.
Ross also said; “Sellers must remember that today, many buyers do their research before purchasing a property and they’re up to date on local asking prices/what others have paid for similar properties so are unlikely to go above the asking price.”
We have helped many vendors in and around Nottingham sell their home. We believe the property valuation process is an excellent starting point for selling your home. If you want us to value your home, please contact us today.
The importance of a realistic valuation has been shared by Ross Counsell, who said; “Therefore, if people are serious about selling, we advise working with a chartered surveyor to offer advice on the value and condition of their property to ensure the asking price is right. After all, starting with too high an asking price can cause delays, and make it less likely for sellers to find a buyer.”
We offer property management, property to rent and property for sale in Arnold, Woodthorpe, West Bridgford, Hucknall, Carlton, Wilford, Mapperley and throughout the Nottingham area. If you would like to arrange an appointment to help you negotiate the local buy-to-let market, please contact Holdencopley today by calling us on 01158969800 or emailing steven@holdencopley.co.uk.