Normally the summer is a quiet time for the property market, but not this year according to the property website Rightmove, who have just reported their busiest month in over a decade!
The market was closed at the beginning of lockdown before the Chancellor boosted buyers’ budgets with the Stamp Duty cut. Now it seems that this tweak, coupled with people reassessing their priorities, may be behind the sudden seasonal surge.
Miles Shipside, director and housing market analyst at Rightmove, said:
“There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices.”
It’s true that most of us are normally planning our summer breaks, organising childcare, visiting relatives and simply taking time out to relax at this time of the year. However, with so much change to our lives and upheaval in our routines, people are more and more conscious of where they are living.
They notice that their homes could do with a bit of an improvement, or that the garden may be a little smaller than they would like. The rise in homeworking has also been a huge factor, with many people seeking an extra bedroom to serve as an office, extra funding for an extension, or even a dedicated office garden room would fit the bill better.
There’s no doubt that we’ve seen a huge increase in enquiries here at Mortgage Advice Bureau in Shrewsbury, both in terms of the movers and the improvers who are all keen to make the most of their mortgage options.
Reading the report from Rightmove, they described the pandemic as having ‘rewritten the rulebook’. That may well be the case, but for now, there are a few rules you can always rely on when you are researching your mortgage options, and they begin with working out your budget.
Find out more about how to work out what your budget is by clicking here.