Time to make a move?

With the stamp duty holiday extended and banks offering enticing mortgage deals, Katharine Wootton asks the experts if it’s really a good time to downsize, relocate or invest

Whether you’re looking for your dream home or want something more suitable for your current needs, many of us have been thinking about moving home recently.

And with new government announcements seemingly offering ways to make the process cheaper and more attractive you may be thinking it’s best to strike while the iron’s hot.

After all, the Chancellor’s latest budget announced that the stamp duty holiday, introduced last year, is now extended until June 30. This means that until that date, all properties under £500,000 in

England and Northern Ireland, and under £250,000 in Wales, will not have to pay the tax that often costs movers thousands.

Meanwhile, the government has also launched a new guarantee scheme encouraging lenders to offer 95% mortgages which are expected to help not just first-time buyers to buy a home, but anyone with a smaller deposit.

House prices rose by 7.3% last year and are expected to grow by a further 4% in 2021, so it might seem like a good idea to move. now. But with uncertainty about the economy and how the year will pan out, is selling up in the next few months really the best option for you?

If you’re relocating…

Whether you want to move nearer friends and family or are planning an escape to the country, there’s expected to be a huge surge in people choosing to relocate.

While this isn’t necessarily a bad thing, increased buyer competition could make it harder to get the property you want, especially in time to make the most of the stamp duty break. “Because of the shortage of properties available in especially desirable rural areas, and the high number of buyers, you need to give yourself an edge to make sure you don’t miss out on the home you really want,” says Jennifer at Garrington.

“If your home is already under offer and you either have a mortgage approved or are a cash buyer, your offer will be viewed more favourably by the seller.” Jennifer advises always asking the seller’s situation and their timetable for moving before making an offer.

“Looking at properties just outside popular areas can also help you find houses at the best value,” Paul Malone adds.

What’s more, if you’re totally upping sticks, make sure you’ve thoroughly checked out the new area to make sure it fits your needs for the long-term. Around 40% of people who move to rural communities move back to towns and cities so consider trying before you buy, perhaps by renting a property in the area or even just taking a short holiday there first.

1.8 million of over-55s are actively thinking about downsizing their home earlier as a direct result of the last year’s events