September 23, 2020

How The Financial Implications Of COVID-19 Has Affect Us As A Whole

Although, to most people 6 years will seem only a small fraction of a homeowner’s life. It’s safe to say, that within those few years that you do conjure up a little intel and experience when it comes to dealing with the pennies, or more frankly,lack of.

As a nation living in an already difficult climate (with homeowners today still struggling to get their foot on the property ladder), we as a country didn’t need anything else to come over and knock us off our cob.

Photo by Julian Wan on Unsplash

Then came COVID-19.. And suddenly our “perfect” little, stable housing market accelerated at such a velocity.

How COVID-19 is shaping today’s market?

I believe the fundamentals of today’s market has seen the confidence of buyers shaken when it came to applying for a mortgage to purchase their next (or first) residential property. 

Why?

House sales have rocketed when it was announced that the UK would be blessed with a “Stamp Duty Holiday” on all residential properties – Which sees all home buyers profiting from at least an average of £4,500 from the 8th July 2020 with the last holiday being the 31st March 2021.

Alongside the property boom, the UK saw it’s very first Furlough scheme come in to play this summer – Which allowed the majority of employees the luxury of working remotely. Meaning families were able to spend a little more time with loved ones and family within those all-familiar four walls they call ‘home‘.

So combine this unwonted luxury of time along with a stamp duty holiday and what do you get?

Cabin fever?

Well no, but people did seem to acquire itchy feet when they suddenly realised that their once “Dreamhouse” upon the horizon had than it once appeared.

So what should we do? When should we buy?

If you’re in a position to buy then you’ll never get a more marvel opportunity such as this. With the governments limited, generous offer, taking advantage of the SDH should give you that extra little boost in order to get at least one foot on the ladder, and you know what happens from there? Just as Yazz said – The only way is up!

Final semation; People have come to realise that in these “unprecedented moments” time is such a precious entity. It’s limited. 

However you choose to spend it; whether that time is spent with family or in the great and wonderful outdoors, time is all we have, and to spend it without our loved ones or by not doing something we love would be a life wasted and starved.

How do you feel about today’s economy?

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