This is a great question, start too early and you might fall in love with a property you can’t have because you are not in the best position to make your move. Whether you are buying or renting you have a time frame to work to and this can sometimes be a bit of a juggling act. For a rental property always consider if a property is currently tenanted then they will need to give notice and this can be anything form 1 to 3 months. If you are buying then you need to be in a position to move forward with a purchase once your offer is accepted so make sure you have a mortgage offer in place or you have a good buyer for your house lined up.
It is never easy, but if I can help please give me a call.
What happens when the stamp duty holiday ends?
This has certainly been a year of two halves, with pent up demand forcing prices up in the second half of the year. Buyers have been keen to settle into more spacious environments, suitable for home working, they are looking for an extra room to convert into an office or a better location to reach out to nature. With the incentive of the stamp duty holiday there is an extra pressure to get moving! But will this trend ease off and what happens when the stamp duty holiday ends? There is pressure on the government to extend the Stamp Duty holiday, however it is clear that this will have to end at some point. what will be the real impact to house prices when this ends?
My guess is that prices will level out for a time, we will look to invest in our properties to maximise every square foot of space we have available, to declutter, re-purpose spaces, or build a home office in the garden (if you are lucky enough to have a garden!)
So if you have been one of the lucky ones to take advantage of the stamp duty holiday, then I wish you well in your new home. If you just missed the deadline, don’t panic! think about the cost of the stamp duty over the duration of your time in the house. It might start to feel like a small price to pay for your dream home, with space to grow and evolve over the next ten years.