The summer is here and the gardens are at their best. The sun shone for about a week and the school children all went on their well-earned holidays all around the globe. The result is that over the summer, the home counties empty and the opportunities for a bargain are rife. Now is exactly the time to buy. If we assume that normal (as we have become used to since 2014) market conditions follow the holidays, then new stock will appear in September and new prices too. These will of course have higher ‘new property’ expectations than properties that have been on the market for a while.
Trying to write this piece without mentioning the current political climate is almost impossible. It is pervasive and affects everything property. With the new prime minister teasing us with the prospect of stamp duty changes, lowering the rate or moving the responsibility to the seller from the buyer, does this mean people will sit and wait. I predict some will but really why would they. I believe that after Brexit ‘happens’ or is thrown out, there will, quite quickly, be a surge of demand from those people that have been in a ‘wait and see’ pattern. As is always the case in the UK, when a queue is formed, people rush to join it. The media will report that prices are finally increasing and everybody will want in before it’s ‘too late’. But my view is that if you have waited that long, you are too late already. If the stamp duty lowers, that will benefit all and properties will change hands more quickly, increasing prices, if the onus moves to the sellers, the affect will be minimal as the additional cost selling will be recovered for the purchase. The exception being first time buyers, but the majority of them pay little tax anyway.
So in summary, now has got to be the best time to buy. It has to be. Best prices, best opportunities, least competition. Waiting will be expensive.