The market and you - why you’re not alone in wanting to get moving
Right now, the property market is operating at pace with buyers moving in greater numbers than we’ve seen in over a decade. We’re all understandably buoyed by the thought of the world opening up once more, which means those dreams of having a glorious summer spent in a gorgeous garden are tantalisingly close.
According to the UK's leading professional body for estate agents, NAEA Propertymark, February saw an uplift in the share of sales to first-time buyers and the trend has continued into spring. Rightmove found that the highest number of property sales to be made in one day from the past decade was Tuesday 23rd March 2021.
Why so much movement right now?
There are a number of reasons we’re all feeling ready to get out and get moving. One obvious reason is the vaccine rollout and another is the perfect combination of buying initiatives currently available - all of which are designed to reward home buyers and provide a wider range of choices.
When it comes to choosing a mortgage, there is now greater accessibility for those taking a first step on the ladder, thanks to the renewed Help To Buy scheme and the new government-backed 95% mortgage initiative. Combined with the fact that Stamp Duty remains on holiday for the time being, it’s no wonder the market is looking so appealing.
As well as financial reasons, the result of us all spending more time at home means we’ve developed a greater appreciation for the value of great living space. We know many buyers actually decided to bring their new home plans forward in 2020 and they haven’t looked back since.
Meg and Lewis had three holidays planned for 2020, but when they were all cancelled and their refunds returned, the couple decided to start saving a deposit. Meg said: “After spending lockdown in our flat, we were ready to buy our first home and find somewhere with a lot more space. It wasn’t the plan we originally set out with - we thought we’d be travelling the world before buying - but lockdown accelerated our timeline, and made us see home ownership in a new light.”
When it came to finding the right home, it was a combination of location and layout that Meg and Lewis were looking for. Meg added: “We loved living in the city but it just didn’t make sense to stay there - we needed more space and wanted to be closer to our family. We also knew that our main priorities were having a bigger kitchen and a separate living room, as this is where we spend most of our time. Having the space for our friends to stay, when the restrictions lift, was also important to us.”