We have all seen quite a lot of the insides of our homes over the last 11 months and for a lot of people that has pushed them to do some decorating, extending and all sorts of internal work. But, how much can you do before you think about moving and is moving a good idea now? Or this year at all?
Stamp Duty
So, the first big thing that pushed a lot of people to move was the stamp duty holiday. But it may not have been as simple as saving some cash. The snag is the people got so excited about no duty that prices were pushed up. In many cases the price increase may have even matched the cost of the stamp duty essentially wiping out any gain to the buyer. Is it going to stay? Well, the rumours of a 6 week extension are rife so it may well do.
The Market in 2021
Regardless of the stamp duty holiday the market may well keep on going well after the holiday finishes. Jamie Gray from Nexa Properties says “things are looking very promising for the UK housing market in 2021 despite the clear economic issues facing us in the short term.”
But is a good market what you need? In some cases, a slower market means lower prices so if you are moving from rental with your family you could snag a bargain. High prices mean your long-term gains may be less which isn’t ideal. Buying at the very height of the market could even see prices drop below what you paid in some cases though this is unlikely in many parts of the country.
Why Move?
It is important to weigh up the reasons for moving. The end of the UK Covid-19 restrictions is on the horizon so you may not have to spend quite so much time at home. Some of the forces that may be pushing you to move will lessen. However, moving can be a very positive experience. In many cases holidays are off the cards for a year or so as they have been since March 2020 and the money saved from that and going out has meant some families can move up to a larger home they may not have thought possible. Working from home is now a thing…like really a thing, it isn’t going away. So, making sure you have a work space at home is not only handy but essential. Your existing home may just not be big enough to accommodate this. Even if you can go back to the office, working from home has meant a lot of career people have seen more of their kids than even and that’s generally a very good thing.
Run to the Country
Just as working practices have changed so have the attitudes towards living in towns. A lot of people really felt the proximity of others during lockdown and the run to country is growing. It’s not all about a rural farmhouse, more a nice house in a village with walks and space within walking distance. This is certainly a driving force for a lot of people and there is nothing wrong with that. Towns are fun, we all love them but for some the thought of another lockdown in London is just too much.
Do Whats Right For You and Your Family
Moving can be a big decision. Not so much if you are moving within the same town or village but when it comes to taking kids out of schools things can get more serious. Now can be a very good time because of the recent upheaval but it is important to speak to your children and see what they want. Moving needs to be right, it is so easy to focus on the bigger house and ignore all the associated considerations. How will the school runs work, where are the shops, will friends come and visit, what is the local community like? I most cases these things all work out well but it can go wrong and be quite lonely. Do lots of checks, join local facebook groups, try and get a feel. The more thinking and planning you do the more you will know if its for you.
To Move or Not to Move
Well, there is no straight answer to this but moving can be a very positive thing to do. More space for home working, for kids and parents, more green space or beaches perhaps? The key right now is not to rush, there will be houses to buy after the stamp duty holiday is done and the market will still be there!
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