Advice to help in your property journey!

Welcome to our May newsletter!

With the property market having its fair shares of ups and downs, we are pleased to say that one in every 50 homes have been sold in 2021 so far.

The market is currently booming and this has led to more sales and higher prices, with the average UK property now worth 8.6% higher than this time last year.

Following the announcement of the 95% mortgage guarantee scheme introduced by the government, we share with you everything you need to know to help first-time buyers and aspiring homeowners purchase their first property.

Finally, after multiple lockdowns and a change in buyers priorities, a recent survey has suggested a third of UK households are predicted to move this year.

We hope you enjoy this months edition!

Dykes End, Collingham, Newark

This extended detach cottage is bursting with character whilst occupying a generous sized plot and benefiting from having the perfect mix of both now and original features.

 

£650,000

Click here to read Dykes End, Collingham, Newark.

Boyce Gardens, Mapperley

This spacious detached home is truly a credit to the current owners as it is excellently presented throughout and boats spacious accommodation for any growing families.

 

£300,000

Click here to read Boyce Gardens, Mapperley.

One in every 50 homes has been sold in 2021

 

The housing market has had its fair share of ups and downs over the past year. And yet, from what we've seen so far of 2021, there are some incredible successes to take note of.

 

Figures from Zoopla showcase that within the first 15 weeks of this year, £149 billion worth of homes were sold.

 

In comparison to the same periods for 2019 and 2020, this amounted to double the value typically recorded, and meant that between January 1st and April 15th, one in every 50 properties were sold.

 

To put this into perspective, in an average year, it would take until the end of June to see these kinds of results.

 

When schools reopened six weeks ago, we began to see a rise in property listings, which suggests that as the country's home-schooling plans came to an end, more households could focus on preparing for their next sale or purchase!

 

There is currently an imbalance between supply and demand, making it an ideal time to sell.

 

It’s worth noting that in the near term, the market for family homes – for example – will start to ease as homeowners become more comfortable with opening up their homes for viewing purposes.

 

Alongside this, the 95% mortgage guarantee scheme will play a prominent role in bringing in more demand from first-time buyers without having to replace supply.

 

Are you thinking about getting started on your property journey? Please do not hesitate to contact a member of our team today.

 

 

 

 

Market boom leads to more sales and higher prices

 

The average UK property price has risen by 8.6%, which is roughly £20,000 in the past year. This is the highest annual rate since 2014 according to the Office for National Statistics.

 

Over the year, house prices in England increased to £268,000 (up by 8.7%), in Wales to £180,000 (up by 8.4%) and in Scotland to £162,000 (up by 8%).

 

The North West was the region that saw the highest annual growth in average house prices (11.9%), while London recorded the lowest positive growth (4.6%).

 

The figures reported by HM Revenue & Customs show that sales in March this year more than doubled from March in 2020.

 

It is estimated by HMRC that 190,980 sales took place in March 2021, a 202.3% increase in transactions compared with the previous year at 94,380.

 

Despite the tapering of the stamp duty holiday later this summer, it has been predicted within the sector that the high demand levels we're seeing will continue to propel activity and protect property prices.

 

The vaccine roll out and easing of lockdown restrictions have led to dramatic changes to consumer confidence within the UK, supporting this expectation for the housing market.

 

If you'd like to review your options buying or selling this year, talk to us today.

 

 

 

 

 

All you need to know about the 95% mortgage guarantee scheme

 

A new mortgage guarantee scheme was announced this spring, with the goal being to help first-time buyers and aspiring home movers purchase a home with a smaller deposit.

 

The initiative, which will be available for new mortgages up to 31st December 2022, is intended to increase the availability of mortgages on new or existing properties for those with small deposits. 

 

This comes after a plummet in 95% mortgages made available last year, as lenders lost confidence in the UK's financial stability due to the pandemic.

 

How will it work?

 

It is based on the Help to Buy mortgage guarantee scheme that ran from October 2013 to December 2016, which backed mortgages for 104,736 purchases – 2.7% of all those in the UK.

  

The average property bought through the scheme was worth £159,170, compared to an average UK house price of £223,000.

 

In terms of restrictions with the latest initiative, only first-time buyers or those moving homes are eligible to apply, not those wishing to buy second homes or buy-to-let properties.

 

First-time buyers and home-movers form a vital cog in the economy and housing market, so government support will play a crucial role in restoring the balance.

   

To get assistance on your mortgage needs, get in touch today, or browse our latest properties to see what's available in your area.

 

 

 

A third of UK households predicted to move this year

 

As restrictions start to ease, almost a third of UK households are making plans to change their living arrangements, following their lockdown experiences.

 

According to a new national survey of around 2,000 households, 31% are planning to move house following repetitive lockdowns and remote-working experiences.

 

With only around 5% of households typically moving house each year, the increase is staggering.

 

Has lockdown got you feeling like you want a change of surroundings?

 

The following were the top three reasons people felt as important to them when relocating home:

 

- 29% good standard of living

 

- 26% hybrid working environment

 

- 23% road networks and connectivity

 

 

Hybrid working options and lifestyle changes were the two obvious key elements driving the change in buyers' and sellers' behaviour.

 

However, the recent stamp duty holiday and desire to take advantage of significant property price increases in 2021 has also influenced decision making.

 

What are you waiting for? Start your search today and take a look at our stunning range of properties below.

 

 

 

*Property Reporter

  

Oakwood Gardens, Nuthall

This detached five bedroom home would be ideal for any family buyers looking for their forever home as it offers spacious accommodation throughout, situated within a cul-de-sac.

 

£350,000

Click here to read Oakwood Gardens, Nuthall.