Huge numbers of the population have been making use of the government schemes set up to aid our economy. Eat Out to Help Out was introduced at the same time as VAT reductions in the aim to boost the hospitality industry. Furthermore, the Furlough scheme was set up to aid short-term job retention.
The property market has been gifted with a cut in stamp duty until March next year, and, from glimpsing at the data, it is seeming to be the driving force behind present decision making of whether (or not) to buy/sell.
Between July and August this year, we have seen an approximate 70% boost in offers being accepted for homes worth £1.5 million or more. Meanwhile, it has been forecasted that for the rest of 2020, house prices will drop (-2%) but then rise again in 2021 (+4%), and rise once more in 2022 (+7%).
It definitely looks like a good time to be buying at the moment, but if you are a seller and are hanging on for another year, make sure your home is kept updated, looked after and touched up for when the time comes to put it onto the market. Whether this is carried out by the landlord or a managing company depends on a number of factors, with distance being a major one.
Over the past few months, numerous clients have contacted us with feelings of frustration due to the current climate. Flights have been cancelled and government advice is, at present, changing daily. Our clients only required the capacity and resources to take care of their home, even when they were thousands of miles away and it has been an absolute pleasure to help with eliminating the worry from their minds. Not only have we been able to provide virtual management updates to our clients, but a number of refurbishment and decorating projects are also underway, all without any client needing to be physically present.
It looks like a buyers’ market at the moment, but no matter what your plans are, make sure you have somebody to manage your strategy successfully.