Thinking of Selling your home? Now could be a good time
One reason for that is the accessibility of mortgages at historically low interest rates, which homebuyers can lock into, helping drive a ‘let’s make the move now’ culture to take advantage of such deals whilst they remain available.
Another is that Chancellor Rishi Sunak used the budget to announce plans to help turn ‘generation rent into generation buy’ by allowing them to get on the property ladder with just a 5% deposit.
The market dynamics are currently such that demand for homes across Hamilton and the wider Lanarkshire area are far outstripping supply, with many now going to a closing date and selling above the asking price.
And with the Scottish Government having ruled out any extension to the stamp duty holiday deadline beyond the 31st March, rather than holding off for the traditional Spring upsurge in activity, now could be the prime time for home owners to list their properties.
Norman Robb at Shepherd’s Hamilton office said: “The demand for homes throughout Lanarkshire is currently outstripping supply by a comfortable margin and homes are consequently achieving good sale prices.
“Many homes that are coming to market in Lanarkshire with a good quality Home Report are selling quickly and achieving sale prices in excess of the asking price.”
Mr Robb said that while there remains a lingering misconception amongst some quarters that listing a property goes against government advice, home moves are in fact permitted under current Scottish Government guidelines and Shepherd has taken stringent measures to mitigate any risks associated with the Home Report process.
“It is important to recognise current government Covid advice and anyone considering a home move should always have current safety measures at the forefront of their mind. First and foremost, it is important that everyone remains safe.
“As technology has evolved, it has become easier than ever before for potential buyers to gather information on properties whilst completely avoiding any unnecessary physical interactions.
“The property market has also adapted to some of the problems that have arisen from the pandemic with a number of estate agents now offering ‘virtual viewings’ as a safe means for potential buyers to search for their dream property without having to leave their home. There have even been examples of properties where offers have been agreed purely on virtual viewings, so there are safe means of buying and selling to consider at this time.”
And with more of us making work/life balance changes for the long term, such as home working reducing the requirement for many to be located close to their workplace, some homeowners will not necessarily be aware of the number of potential buyers currently searching for their dream home in Lanarkshire.
“While one impact of Covid on the local housing market has been a noticeable rise in the number of families seeking homes with garden space, demand for terraced, semi-detached and detached homes has increased, with a wide range of family homes being very much sought after at present,” he said.
“Though demand throughout Lanarkshire has been strong, any homes that come onto the market in Bothwell and Uddingston in particular, tend to sell very quickly, perhaps partly due to a ripple effect from Glasgow, which has seen a significant upsurge in pricing, with more homeowners recognising that they can get more for their money by making the move to Lanarkshire.
“That’s why, rather than holding off, now might be the right time for homeowners in Lanarkshire to list their home.”
For further information please contact Norman Robb on tel 07788 923264