It has been a promising start to 2024 for the UK property market, and we think now is a great time to move.
From 0% stamp duty to an increase in market activity, here are five reasons why now is a good time to move.
Spring-summer surge
This time of year we often see an increase in home-moving activity. Homeowners who've been thinking about moving in winter but decided to hold off until the new year generally become active as the seasons change.
Selling your property takes time. It took an average of 71 days for a property to secure the right buyer in February of this year, so listing your current home for sale now could set you up for a summer move.
Read our separate article to find out why spring is a good time to sell.
0% stamp duty
Stamp duty is due to increase in April 2025, but right now it’s at 0% for homes up to the value of £250,000.
For first-time buyers, it's at 0% for homes up to the value of £425,000 and just 5% between £425,001 and £625,000.
This will reduce the cost of your move, especially if you're a first-time buyer.
Sellers are back
Agreed sales were up by 16% in the first six weeks of the year compared to the same time last year.
In February, there were 21% more properties for sale than there were a year ago, signaling that sellers are regaining confidence in the property market.
Buyers are back
With buyer demand increasing by 11% in January compared to last year, buyers have been returning to the market.
Momentum is building steadily. Often buyers are looking to sell their current homes in their move, which helps stimulate the market and provide you with more options.
On top of this, the Bank of England has confirmed that the base rate is to remain at 5.25%, building confidence in buyers who were worried that interest rates could increase.
Good time for first-time buyers
With low deposit mortgages, the First Homes scheme offering discounts on new-build homes, affordable new-build homes, and helpful savings schemes giving good interest to help you gather a deposit, now is a good time to get on the property ladder.
Are you a first-time buyer? We understand buying your first home can be daunting, so we've put together a helpful and informative first-time buyer guide.
Do you plan on selling your current home as part of your next move? Finding out how much your property could sell for is a good place to start. To get expert advice and guidance, book a free property valuation today.
The Your Move Content Marketing Team
