Are you on the hunt for a new home? Fortunately, being one of the least hit industries in the current lockdown, the property market is thriving. The pandemic has allowed buyers to save more than ever before, with many actively looking to move after reaching their deposit goal, largely fuelled by a desire for more space. So, if you’re eager to get on the property ladder, here is why this could be the best time for you to buy.
The recent announcement of the stamp duty holiday extension, giving you until the end of June to complete your purchase, has meant that you will not pay any stamp duty when buying a
home up to the value of £500,000. You can also continue to benefit from a saving even if you’re not looking to move right now, as the extension up to the value of £250,000 will run until the
end of September. The introduction of the new 95%, government-backed mortgages offer essential support for first-time buyers. Whilst we are all still waiting for additional information on the specifics of the scheme, we do know that a deposit of just 5% is a much more achievable goal – either allowing you to move out imminently or boost your motivation to continue saving! The third key event surrounding the property market at the moment is the Help to Buy equity loan being limited to first-time buyers. With a specific goal of helping as many people as possible get on the property ladder, you are able to borrow a minimum of 5% and a maximum of 20% of your new home value. A perfect example of this is Heartenoak Meadows in Hawkhurst, Kent, where The Mulberry – a three-bedroom mid-terraced home – is priced at £420,000, coming under the £437,600 threshold for the South East.
Roger Coupe, the selling agent for Cherry Tree Lane in Ewhurst, Surrey, comments of the current property market: “There continues to be a strong demand from purchasers particularly for village properties, who are prepared to pay premium prices for the right house. The supply of new instructions coming to the market is limited, resulting in sales being agreed at or very close to asking prices. The extension of the stamp duty holiday to the end of June is bringing more buyers into the market, and the Help to Buy scheme, limited to first time buyers and capped at £437,600 in our area, is creating demand for the lower end of the new homes market. There are predictions for the market to slow once the Furlough scheme comes to an end, but for the moment there are no signs of this happening.”
Offering an ideal opportunity to take advantage of the current market and get on the property ladder this year is Cherry Tree Lane, a delightful Surrey development with a new phase coming in Autumn