If you are moving house, buying a UK property or selling a buy to let then you will need to find a lender approved Conveyancer. We are beginning to see green shoots in the UK property market. A definite upward conveyancing trend for Buyers and Sellers making a move.
What Is It That Caused The Uncertainty?
Quite simply the property market is driven by stable interest rates. Whatever the rate it needs to be at that level for sometime. This provides a benchmark for Buyers and Sellers knowing where they stand. If the Bank of England increase rates to combat inflation then in turn mortgage rates would also go up.
The Bank of England has signalled that rates are flattening and as such they do not foresee many more interest rises. Lenders are now beginning to lower rates. We can assume that Consumer positive sentiment will return as the warmer weather brings that much needed reduction in energy usage. The March budget will see the UK Government extend their financial energy support by 3 months. The wholesale energy price has fallen and as such Consumers need to be passed those reductions.
Peak Levels of Living Costs
Are we at peak with our living costs? Well we think so as the final nail was Council tax. What else can rise?
If Homeowners have equity in their property they will now consider downsizing. What choice do they have. Well some may sit it out but we believe the majority will want to move.
Will the government put in yet another Stamp Duty Holiday. When the chips are down and Buyers and Sellers have stalled then the Government in the past has taken the initiative to reduce Stamp Duty Land Tax or pause it. We all know that moving house is hindered by the Stamp Duty Land Tax. We think it will be reduced in the March budget. A helping hand to those that want to downsize.
Property Activity Gains Momentum After The March 2023 Budget
The UK property market will gain momentum after the March 2023 budget for all the right reasons.
1) +50 ages will consider downsizing to compensate for the higher cost of living
2) New Build Developers will finally realise that they have a window of opportunity to provide energy efficient housing
3) The warmer weather brings that mood for change
4) Interest rates have stabilised
When the chips have been down for so long the UK property market provides that much needed boost. Activity will resume and continue upwards for some time in line with the reduction in inflation.
The quote we suggest when buying and selling a property is the combined sale and purchase conveyancing quote. These quotes prepare you for both deals to be managed by the same Conveyancer. Saving you time and money. Make your move in 2023 really happen with Homebuyer.
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