With the next phase in the relaxation of lockdown in England on 29 March in sight, and more restrictions being lifted on 12 April, searches for homes in the UK are hitting record highs. The Stamp Duty Holiday which was extended until 30 June 2021 in the Budget, and 95% mortgages have attributed to buyer confidence.
Five per cent deposits
Also known as a 95 per cent LTV (loan-to-value) mortgage, this covers 95 per cent of a property’s value, which means that buyers will only need to output a deposit of five per cent. Buyers can now save up to a third of what they would have had to pay prior to this announcement, as until now most mortgage lenders were offering up to 85 per cent mortgages. If you are a first-time buyer and are looking to make the move from renting to buying, or are looking to upsize but haven’t accounted for additional funds, then this is a great solution for you.
Local independent estate agents David Astburys based in Crouch End have reported their busiest weeks on record across both Sales and Lettings.
George Sifonios, Managing Director at David Astburys Estate Agents told us; “Last week our sales team went on seventy nine viewings, had six offers on a range of houses and flat, one exchange and we had two properties in Crouch End achieve a total of £126,000 over asking and this is a consistent trend. We are also seeing a huge demand for houses, garden flats and any properties with outdoor space, so if you have a property which falls into this category and are considering selling, now is the perfect time, as you will achieve asking and over, so please reach out.”
Investors are also taking advantage of the savings they can make, so the demand for investment properties is also fueling market growth.
Yianni Aresti, Partner and Lettings Director at David Astburys said, “In Lettings last week alone, the team did one hundred and twenty-six viewings, they agreed fifteen new deals, took on four new property managements and onboarded five new landlords. We are consistently averaging rentals on the first viewing across 25% of lets.”
