The property market is on the rise, with small deposits now swinging big doors open for home buyers.
It’s been a rollercoaster year for the property market. In March, just as the housing market was about to spring back into action post-lockdown, the government announced a 3% stamp duty surcharge on second home purchases. This put the brakes on the market and caused many would-be buyers to reconsider their plans. This article looks into how this surge has come about and what it means for the future of the UK property market.
The UK housing market is still booming despite crashing expectations
The housing market is on the rise, with prices and demand increasing across the country. This surge is being driven by buyers who are putting down small deposits, which is opening up the market to a wider range of buyers.
This is good news for those looking to get into the property market, as it means that there are more opportunities available. However, it is important to remember that the market is still competitive, so it’s important to do your research and be prepared to move quickly when you find a property you like.
If you’re thinking of buying a property, now is a great time to start your search. With prices on the rise, you could see your investment grow significantly in a short period of time.
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Small deposits as UK banks want to attract more buyers to the property market
As the housing market continues to rebound from the pandemic, small deposits are becoming more popular. This is because buyers are looking to capitalize on low interest rates and prices that are still relatively affordable. In addition, many lenders are now offering loans with smaller down payments, which makes buying a home more accessible for a wider range of buyers.
Small deposits can also be a good option for buyers who are struggling to save up a larger down payment. By making a smaller deposit, you can still get into the market and start building equity in your home. Additionally, if prices continue to rise, you may be able to sell your home for a profit down the road.
Analysis by the government states that real estate priceshave seen the average property price today in London reaching £510,102, an increase of 200 percent in the last two decades.
Even London property market registered a slower growth than the growth we have witnessed in the northern regions, the recent predicted 5% it is actually 8% as Knight Frank has revised their house price prediction between April and now to 8%, rather than 5%.
But the good news are just starting! With high demand for property, lenders show their confidence about new builds and started to offer high loan-to-value ratios.
We had Help to buy for a while but from 1st July, Halifax,the UK’s largest lender, offeres mortgages on a new build. The real challenge to get on the property ladder is the deposit you need to put down to secure a mortgage. We all heard the prime minister talking about transferring your mortgage to your children, which is something that he doesn’t need to do for his own children perhaps, but while he is playing with our children’s future, lenders decided to get real as the deposit falls from 10% to 5%.
If you’re thinking about buying a home with a small deposit, be sure to compare different loan options and find one that best suits your needs. You’ll also want to make sure you have a solid budget in place so that you can comfortably make your monthly mortgage payments.
What does this mean for the future of the UK housing market?
The surge in the property market means that more people are buying homes, which is good news for the economy. However, it also means that prices are rising, which could make it difficult for first-time buyers to get on the ladder. This could have an impact on the future of the UK housing market, as we could see fewer first-time buyers entering the market.
How to take advantage of the situation
As the property market surges, many people are looking to take advantage of the situation. Small deposits can often swing big doors in the property market, so it’s important to know how to make the most of this opportunity.
Here are a few tips on how to take advantage of the current situation:
1. Do your research – It’s important to know what you’re looking for in a property and what your budget is before you start searching. This will help you narrow down your options and avoid wasting time on properties that aren’t right for you.
2. Get pre-approved for a loan – Having pre-approval for a loan will give you an idea of how much you can borrow and also show sellers that you’re serious about buying a property. This can put you in a strong negotiating position when it comes time to make an offer on a property.
3. Act fast – With the demand for properties high at the moment, it’s important to act fast when you find a property that you like. If you delay making an offer, someone else may swoop in and snatch up the property before you have a chance to make your move
The current situation in the property market is interesting, to say the least. Small deposits are now swinging big doors for first-time buyers, thanks to the Help to Buy scheme. This has resulted in a surge of activity in the housing market, with many people taking advantage of the lowered barriers to entry.
If you’re thinking of getting on the property ladder, now is a great time to do so. Prices are rising, but they’re still relatively affordable. And with small deposits becoming more common, it’s easier than ever to get a mortgage.
Of course, there are some risks involved in buying a property. Prices could continue to rise, making it difficult to sell your home for a profit. And if interest rates go up, your monthly mortgage payments could become unaffordable.
But if you’re careful and do your research, buying a property can be a great way to get on the ladder and start building your future. So take advantage of the current situation and make your move today.
Do you need to start moving in June if you want to be in your new home for Christmas?
The surge in the UK property market is good news for those looking to buy a house, but it also means that buyers need to be extra careful when choosing a home. With prices rising, it’s important to make sure you’re getting the best value for your money. A small deposit can swing big doors open in the property market, so don’t be afraid to negotiate and get the best deal possible.
The current surge in the property market is good news for those looking to buy a home. With small deposits swinging big doors, now is a great time to get on the property ladder. While there is no guarantee that prices will continue to rise, if you are in a position to buy now, you may be able to get ahead of the competition and snap up a bargain.
How long it actually take to move in 2022? As mad as this might sound, 150 days is the average of selling from the day you received an offer. Pause. Take a deep breath. There is any good news in this madness? Yes, there is. You are just one click away from listing your property for free with online estate agents! Time to Strike gold and consider living in the Sun!