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In a bid to curb the spread of the novel coronavirus, governments have imposed strict lockdown measures. This has affected different sectors of the economy, including the real estate and property industry. Here, property transactions and movement plans have been halted. Homeowners who planned to move homes before the pandemic hit have now been forced to put their plans on hold as they await a declaration from the state.
Following the uncertainties of this pandemic, it is hard to choose the right time to move. However, experts in the property industry believe that it will be an ideal time to move homes after the lockdown measures are lifted. Why is after lockdown seen as a good opportunity to move homes? This guide outlines some of the reasons associated with this fact.
Here are some of the reasons why you should consider executing your home moving plans after the lockdown:
As the country emerges out of a lockdown, the supply of homes is likely going to decrease. To curb this, real estate agents and experts in the property industry have called on the Government to impose measures that would encourage people to move homes. They advocate for a stamp duty holiday or cut to stimulate and revive the declining property market.
Responding to these calls, the UK Government imposed a stamp duty holiday on 8th July 2020, extending until March 2021. This holiday applies to residential properties up to £500,000. Therefore, you can take advantage of this stamp duty holiday to move to your dream house at a reduced cost. If you are not sure of the price you will pay for your new home and whether it will fall under this stamp duty holiday, you can use an online budget calculator for a more accurate estimate.
Virtual Home Viewing
Following the measures imposed to reduce the spread of coronavirus, property viewing has also taken a new turn. Most agents, home sellers and buyers are now organising for virtual viewing of homes. This means if you are seeking to move to a new home in a new locality, you do not have to spend a lot of time and resources travelling to view it.
Additionally, the rise in virtual viewing gives you a chance to view homes in different localities from the comfort of your house or office. Here you get a variety of choices to choose from. It also saves you the hassles of visiting different places to view homes before making a final decision. Having identified a potential home through virtual viewing, it will be easier to physically visit the premise and move in once the lockdown is lifted.
Job Security
As a means of supporting employees who have been affected by the adverse effects of the novel coronavirus, the UK government has extended the Coronavirus Job Retention Scheme (CJRS). CJRS has now been extended until at least December 2020, awaiting any changes in the lockdown timeline. This scheme works in conjunction with the stay-at-home mandate and the strict lockdown measures. Employees who fall under this CJRS will still receive their pay to cater to their personal needs, including rent and mortgage. Therefore, due to CJRS, employees will retain their job security, allowing them to move to their houses of choice. If you are covered by the CJRS scheme, then start searching for a dream home to move in after the lockdown as early as possible. Take your time and find the most suitable deal.
Price
Although there is uncertainty regarding post-lockdown property prices in the UK, experts believe there will be a reduction of about 5%. The price decline is linked to massive job losses and an unstable economy following the impacts of the virus. Therefore, if you are seeking to move into a new home, you can take advantage of the post-lockdown price reduction. Here you can move into your dream home at a pocket-friendly price. Take advantage of this price cut to search and view your dream home during the lockdown. Move in immediately after the ban is lifted.
Conclusion
Moving homes can be overwhelming, mainly due to the numerous activities involved. As such, there is no specific established time to move out. However, the reasons outlined above portray post-lockdown as an ideal time to move out.
Welcome to Birds and Lilies! I'm Lou: mother, blogger and freelance writer. This is my lifestyle blog, where I talk about motherhood, infertility and IVF, beauty, my love for food and wine, as well as my thoughts about stuff, and our real-life and travel adventures.
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