Spring is in the air, people have been trapped indoors for the winter and because of that they’ve found everything that annoys them about their current home. Be it not enough space, too many stairs, or the need for a garden, everyone is looking to move up a rung on the property ladder.
That’s not any different from most years, but something about this spring has house prices on the rise – making now the best time to sell. So what is it?
The New Tax Duty
Firstly, the new taxes planned by the government will mean that any additional property other than that which is to be your home bought after April will incur a higher stamp duty. Property portfolio holders are seeking to invest before April and secure the best house price. There is no definite answer as to whether this will impact on the buy-to-let market after the law comes into being.
A Weaker Pound
Secondly the recent turmoil in the markets as well as the doubt surrounding the UK’s membership in the European Union is weakening the pound. Of course, to the man on the street it takes a while for the impact to register. This is not the case for businesses who import goods for sale, or for new build projects. With increased importing costs it will mean increased prices for the basics. A recent report from The Guardian suggests that this already beginning to take effect.
Investing Against Austerity
Finally there are warnings from the Chancellor of yet more austerity measures. The public are only just beginning to feel as though they are able to consider purchasing big ticket items and finding it easier to obtain a mortgage. With the upcoming budget likely to have more cuts, wages are unlikely to rise. Many people would prefer to wait and see what is likely to happen in the budget, or perhaps wait upon the results of the referendum before making a purchase decision. However, by that time it may well be too late. If you plan to sell, you may want to sell before the next round of austerity measures hits.
What Does It All Mean For You As A Seller?
Spring is already in the air, and homebuyers are looking to buy now. New instructions are already on the rise. Holding on to your property to get a higher price in summer may just result in the opposite.
Of course, if you’re buying, that changes everything.