Experienced ‘movers’ are powering the property market.
Only 12 months ago, it was widely recognised that first time buyers were charged with driving the property market from the bottom up, allowing other owners to make their own move to a larger house.
These days however, the squeeze on mortgage lending is seeing a dramatic shift in the different criteria surrounding peoples’ moving plans. Corona Virus and lockdown have certainly changed the dynamics of the housing market. Many more experienced movers are considering their own personal circumstances, for instance now that they may be working from home. This leads to a change in the mindset toward properties that provide more space and potentially a garden, instead of the the traditional city center residence close to the office.
First time buyers in contrast, are being squeezed by the new rules on the tightening of the mortgage market, demanding higher deposits and secure employment. The result is that the market is being inundated at present with movers who have more disposable income. Pent up demand and government incentives such as the stamp duty holiday are also helping to fuel sales right now. Fortunately and only for some, it would appear this is only possible if you have the initial capital available.