Buying a home is still the largest biggest investment for most families – so what is the latest news?
Forecasts are showing whilst house prices having risen steadily during the pandemic, now they are more stable but still expected to rise slightly especially in the South for the rest of this year.
As we all know there has also been a change in buyer’s preferences as more people are able to work from home – the demand for open spaces and larger properties (with a home office) has increased demand for certain areas and types of home.
As the stamp duty holiday comes to an end the expectation is that people will still have the confidence to move home – given the great mortgage deals available and whilst interest rates are so low. The research shows that the number of new buyers registering last month was 24% higher than the five-year average.
Buyers and sellers are encouraged by the brightening economic outlook, low mortgage rates, calmer market conditions and a sense that the worst of the pandemic is hopefully now behind us.
Kathryn Frisby is the Head of Conveyancing at BMTC Law in Northampton – she commented this week: –
“August is traditionally slow month for conveyancing transactions in our industry – as so many people are away on holiday. However, as the dust settles on the stamp duty holiday, we are finding the market has bounced back in recent weeks and we are still very busy. The stamp duty holiday certainly helped keep the property market buoyant in the past year and a half – but there is still an appetite for moving.
We are always happy to give out quotes for new buyers, but it is the volume of repeat instructions and recommendations that is really encouraging and sets us apart. We have had to recruit additional staff in both the domestic and commercial property departments just to keep up with demand.”
Contact details: –
BORNEO MARTELL TURNER COULSTON LLP
Offices in Northampton and Kettering
T. 01604 522101 E. [email protected]