The UK Property Market Has A ‘Spring’ In Its Step This Month
As the long, cold, winter of lockdown ends, there is vast cause for optimism in the property market as we move into spring. Not only has the incredible pace of the Coronavirus vaccine roll-out continued, giving business’s confidence that the roadmap out of lockdown will remain on target, but the Spring Budget also provided some excellent benefits for homebuyers.
According to Rightmove the number of potential buyers enquiring about each available property on its website hit a record high in February and was 34% higher than this time last year, just before the UK went into the first national lockdown. Furthermore, the average asking price for the first two weeks of March has increased by £2,484 or 0.8%.
Prices are predicted to increase further as Spring progresses.
Spring Budget announcements benefit buyers and Generation Rent
Stamp Duty holiday extension:
Government-backed low-deposit mortgage lending:
Boris Johnson is passionate about transforming ‘Generation Rent’ into ‘Generation Buy’. At the 2020 Conservative Party Conference he stated:
“We need now to take forward one of the key proposals of our manifesto of 2019: giving young, first-time buyers the chance to take out a long-term, fixed-rate mortgage of up to 95% of the value of the home – vastly reducing the size of the deposit.”
This pledge has now been enacted. From April 2021, 95% government-backed mortgages will be available to all buyers of properties costing up to £600,000. According to a study by Rightmove, this accounts for 86% of all homes currently on the UK property market.
Mr Sunak verified that “several of the country’s largest lenders including Lloyds, Natwest, Santander, Barclays and HSBC will be offering these 95% mortgages from next month.” He also confirmed that “more, including Virgin Money, will follow shortly after.”
After such a difficult year, the fact that the current property market benefits both buyers and sellers is a cause for optimism. To ensure you get the most out of the present advantages and protect your best interests, it is imperative to instruct an experienced Conveyancing Solicitor. Not only will they ensure that the right property and title searches are conducted, but a Residential Property Lawyer will also review your mortgage offer and ensure you are aware of your obligations and liabilities.
Our Residential Conveyancing Solicitors can provide expert advice on all aspects of property sales and purchases. Please get in touch with Kerry Walker, our Conveyancing Manager at Kerry.Walker@gw.legal to discuss how we can help.
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Content correct at time of publication.