Choose your home 2021 and 5 things to consider

LAURUS LIFE | Lifestyle

Choose your home 2021 and 5 things to consider

LAURUS LIFE | Lifestyle

What you need to know about buying a home in 2021

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2020 has been a year like no other in our lifetimes with a global pandemic that has changed our priorities, our ways of working and almost every other aspect of our lives. Now that we are getting closer to Christmas, the promise of a new year has never seemed so full of potential, particularly with the boost of recent news about vaccines offering a route back to something like normality sooner rather than later.

Understandably, Covid-19 has impacted many people’s decisions when it comes to buying a new home. Months in lockdown have shown us what’s important, whether it’s more space in general, access to a garden or having a home office rather than a kitchen table for all those Zoom meetings. But there’s plenty to think about if you’re planning to buy in 2021 and it may the case that acting quickly is the best option for getting your dream home.

Here are five things to consider about buying homes in 2021:

Covid-19

  

The property market was certainly affected by the initial shock of Covid-19 and the first lockdown. However, it has bounced back since and there’s certainly hope that next year will see less of an impact on our lives in general from the virus, though the financial implications will rumble on for some time and these will inevitably affect people’s ability to buy and sell their homes, particularly when the Government’s coronavirus financial support schemes come to an end.

Covid-19

  

The property market was certainly affected by the initial shock of Covid-19 and the first lockdown. However, it has bounced back since and there’s certainly hope that next year will see less of an impact on our lives in general from the virus, though the financial implications will rumble on for some time and these will inevitably affect people’s ability to buy and sell their homes, particularly when the Government’s coronavirus financial support schemes come to an end.

The end of the Stamp Duty Holiday

  

A major boost to the housing market and the dreams of home buyers in the midst of a pandemic, the Government’s introduction of a Stamp Duty Holiday came in July and applied to the first £500,000 on any property sales. However, this is due to come to an end on 31st March 2021 and there are currently no plans announced to extend it, so on 1st April rates will return to where they were before this summer.

The end of the Stamp Duty Holiday

  

A major boost to the housing market and the dreams of home buyers in the midst of a pandemic, the Government’s introduction of a Stamp Duty Holiday came in July and applied to the first £500,000 on any property sales. However, this is due to come to an end on 31st March 2021 and there are currently no plans announced to extend it, so on 1st April rates will return to where they were before this summer.

Covid-19

  

We don’t yet know what the full implications of Brexit might be, but uncertainty around the UK’s departure from the EU has been followed by falls in house prices in the past. While it is hard to say for certain what impact it has had this year because of Covid-19, only time will tell what the lasting impacts will be in 2021.

Covid-19

  

We don’t yet know what the full implications of Brexit might be, but uncertainty around the UK’s departure from the EU has been followed by falls in house prices in the past. While it is hard to say for certain what impact it has had this year because of Covid-19, only time will tell what the lasting impacts will be in 2021.

Mortgage Rates

  

In October, the Prudential Regulation Authority (PRA) began a consultation on banking capital requirements that could see mortgage rates rise in the next few years. The details are not yet clear, but the principle is around how much ‘rainy day’ money lenders have available, which is expected to need to rise, which would be paid for with higher mortgage fees. Experts have warned that this could start to impact mortgages as early as next March.

Mortgage Rates

  

In October, the Prudential Regulation Authority (PRA) began a consultation on banking capital requirements that could see mortgage rates rise in the next few years. The details are not yet clear, but the principle is around how much ‘rainy day’ money lenders have available, which is expected to need to rise, which would be paid for with higher mortgage fees. Experts have warned that this could start to impact mortgages as early as next March.

House price fluctuations

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If you’re an existing homeowner, the factors above that could impact house prices are even more important to consider. The long-term outlook from organisations like the Centre for Economics and Business Research (CEBR) is that they expect houses prices could fall by 14% next year, so now is the time to start trying to sell before your home starts to lose value.

2021 is just around the corner and seems like it will bring much uncertainty for the housing market. If you want to make the most of opportunities like the Stamp Duty Holiday, why not talk to our Sales Advisors to get information on what properties are available at the development of your choice?

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Copyright © 2021 Laurus Homes THT Developments Ltd.  Registered in England and Wales: no. 9201999