Nicholas Humphreys has explained why it’s a great time to buy a house - or an estate agency business.
Although the prospect of Brexit and the Covid-19 pandemic caused many people to express concern about the housing market, research suggests cause for optimism. In a recent blog, the estate agency franchise listed the the most recent milestones for the property industry:
- The Bank of England reduced its bank rate to 0.1 percent from the 19th March, making borrowing cheaper
- Rishi Sunak introduced a Stamp Duty holiday on the first £500,000 of all property sales in England and Northern Ireland, which has been extended until the end of June 2021 - then, the nil-rate band will be at £250,000, double the standard level until the end of September
- The government’s Spring Budget is encouraging when it comes to the property market
- The 95-percent Mortgage Guarantee Scheme will come into effect in April, allowing people to buy property with a five-percent deposit
As Nicholas Humphreys explained, loans are evolving with the housing market. A broker recently introduced the UK’s longest-ever fixed-rate mortgage with no early repayment or exit fees, lasting 40 years. These fixed-term loans could help people save money, as lenders often charge borrowers when porting a mortgage to another finance package.
Nicholas Humphreys believes the housing market in Sheffield is particularly attractive at the moment. According to Rightmove, average property prices rose by 0.5 percent (£1,522) in February and online views were 45 percent higher than during the same period in 2020. As a result, enquiries increased by 18 percent, and purchases by seven percent.
In the blog, Nicholas Humphreys explained why prices are on the rise: while the number of sellers has dropped by 21 percent, high demand for property is pushing up asking prices.
Find out more about how you can take advantage of this high demand at Nicholas Humphreys’ profile page, linked above.
Alice Tuffery, Point Franchise ©