Reasons Why Now Is The Time To Buy

Reasons Why Now Is The Time To Buy/Sell

The trend of homebuyers looking for places with more space outdoors and indoors seems to continue in 2021. People are looking for a quality life outside the city. This trend is raging, especially after the pandemic struck when people remained at their homes and work from home culture increased. Time To Buy

To make buying or selling a quick and seamless process, it is always best to take the help of a professional. You can choose local estate agents who are experienced to guide you well. Choose local agents; if you are looking to buy or sell property in Buckingham, choose Buckingham estate agents to quicken the deal.

Pricing predictions for 2021

When the first lockdown was imposed, nobody expected a price rise. The Bank of England had even predicted a 16% per cent fall in prices. As opposed to this, the price shot up to 6.9% in February 2021. The nationwide House Price Index recorded as average house price topping up to £230,000

The first-time home buyers, buy-to-let landlords, were all competing to buy homes for tax savings and to complete their purchase before the stamp duty holiday that was extended recently. The government’s new 95% mortgage scheme lets you buy a property worth £200,000 with just a £10,000 deposit. Time To Buy

The house prices continue to surge after the latest lockdown due to the increased demand, and it will continue to do so after the lockdown release when several properties come on the market. The furlough scheme that has been extended is also expected to keep the property prices high.

Stamp duty holiday

The current stamp duty holidays waive stamp duty for property values up to £500,000. The scheme, when introduced, was to end on March 31 but was later extended up to June and after which the stamp duty holiday will apply to sale below £250,000.

In addition, the Chancellor has currently extended the coronavirus support packages, which is expected to extend the stamp duty holiday beyond June further. Hence it becomes an excellent decision to buy the property and save money with the help of this scheme.

Apart from this, until the pandemic struck, all the first-time buyers in the United Kingdom and Northern Ireland was exempted from stamp duty for properties below £300,000 and 5% stamp duty was applicable on properties priced between £300,000 and £500,000.

Spring is here

Spring is considered the best time to buy properties. This is the time of the year when there are a maximum number of properties on the market. People tend to complete transactions quickly during this period and head to their summer vacations.

This makes August month really dull for real estate. It picks up during September and October and continues to decline during December due to Christmas. The months to put your property for sale for a quick deal is in March. April and May.

Why is selling now a good idea

If you are a homeowner and plan to sell your property to downsize and move to a cheaper area, this is the best time for you.

However, as the property prices are particularly high, if you are looking to sell and do not plan to buy a property elsewhere, you can definitely go ahead and put your property for sale. This is the most favourable month for real estate.

Schemes that are favourable for current buyers

The government’s mortgage guarantee scheme, which will run till 2022, is signed by major players, including Lloyds, NatWest, Barclays, HSBC, and Santander, guaranteeing mortgage for properties upto £600,000 without restricting to first-time buyers and newly built homes. This is very beneficial as opposed to the government’s Help to Buy scheme that applies only to first-time buyers.

Lifetime ISA (Lisa) is another scheme that will help first-time home buyers. Anyone enrolling to this scheme can pay £4,000 a year which will be topped by the government with a 25% bonus maximum of £1,000 a year.

This can be used to buy a home below £450,000, and if this fund is broken and cash withdrawals are made, there will be a penalty of 20% till April and 25% afterwards.

A shared ownership scheme allows you to buy 25%, 50% or 75% of the property and pay rent for the rest until you buy the remaining share. Help to Buy equity loans will help first-time buyers build homes.

For properties up to £600,000 just 5% can be made as deposits and 20% of the purchase price can be bought interest-free for the first five years. You can borrow 40% percent if your property is in London and can go for a mortgage for the rest of the amount.

The government’s affordable homes programmes can be bought at a 30% discount, and the prices are capped at 1.5 times the average property price by the first-time buyer.

These reasons are convincing for both buyers and sellers that this is the best time to buy or sell their homes.

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