My Home Move Conveyancing looked at current house moving trends from 2020 to understand how COVID and the Stamp Duty Holiday may of impacted the usual house moving patterns.
Top 5 2020 House Move Trends
1. Online search queries around ‘moving house’ increases from 2019 to 2020. Indicating movers are more active year on year despite COVID.
A survey which MHMC carried out in with 1,500 home buyers revealed 50% of homebuyers said a private garden is vital when buying a new home. People were also seeking more ample storage space (46%) and a double garage (46%). Suggesting buyers are searching for more space to work from home and enjoy the outdoors.
2. Mortgage approvals jumped to 97,500 in October compared to 92,100 the previous month, reaching the highest level since September 2007. Showing despite the restrictions, more buyers are pressing ahead with their house moving process. (Source – cityam)
3. COVID has actually drawn more buyers, 4 in 10, looking to relocate to countryside locations due to the upsurge in working from home. (Source – homesandproperty)
4. Stamp Duty Holiday ending in March 2021 has caused upsurge in house moves with buyers eager to make the deadline. (Source – myhomemoveconveyancing)
5. My Home Move Conveyancing have reported across the industry there has been a backlog in property exchanges, increasing the exchange to be on average a month longer.
Due to backlog and therefore delays in house moves. Below are top tips from top leading conveyancers, My Home Move Conveyancing, on having a speedier house move process due:
- Work with your agent to understand the chain – this can help you understand whether anyone else has a specific date they want to work to.
- On your initial appointment call with your conveyancer, agree an estimated completion date that you can both work towards (although bear in mind this may change through the process).
- Plan in additional time for mortgage lenders, valuers, etc., as they may have backlogs
- If there are any problems with your mortgage valuation report, which requires you to obtain specialist reports, use a reputable, qualified company which will be acceptable to the lender, which may help to avoid further delays
- Keep completely up to date with your actions and requests from your conveyancer in eWay so that you are always one step ahead. Although tempting, please try not to call frequently for updates as this takes time away from the conveyancer working on your case
- Remember; this is an exceptional market. Please try to work with your conveyancer and show empathy for the pressure everyone will be under.
Dev Malle, Chief Business Development Officer at My Home Move Conveyancing, provides further advice for consumers in the midst of a confusing time to purchase and move house:
‘‘We suggest to anyone moving home over the next couple of months, to always plan way ahead when it comes to thinking of children’s school places, people having time off during Christmas, booking removals and moving out of rented places.
We also advise to carry out as much of the process online. For example, My Home Move Conveyancing give full visibility of the transaction in our eWay portal, allowing buyers to see all the actions we have taken and giving the customer full control of their case.
We understand that the increase in buyers is related to people wanting to relocate to have more space to work from home and the rush to make the Stamp Duty Holiday in March 2021. ’’