The UK property market continues to go from strength to strength as demand for homes recently hit the highest levels since records began in 2005.
Property websites are seeing more visitors than ever before and official data shows average UK house prices have risen 8.6% in a year.
But, what does this mean for buyers, sellers, and potential investors and will this trend continue throughout 2021?
The clock is ticking on the stamp duty holiday
The stamp duty holiday, originally set to end in March, was recently extended but property experts are confident that there will not be another extension.
The first deadline to be aware of is 30th June when the tax band reduces from £500,000 to £250,000. The second deadline is 1st October when stamp duty rates will be set to the original threshold of £125,000. In other words, it’s not going to last forever - so if you’re thinking of moving to a new home soon, now is the time to act!
First-time buyers make the most of 95% mortgages
There’s been a massive surge in the number of people looking to buy their first property. According to Countrywide Research, the first-time buyer rate is currently around 21%, up from 18% in 2020.
This has been helped by the re-introduction of many new mortgage products including 95% mortgages. Buyers may now find the market offers more generous criteria - with many lenders returning to their pre-pandemic policies.
If you’d like to know more, a Countrywide Mortgage and Protection Consultant will be able to provide you with further information on your options, as well as compare the 95% Loan-to-Value deals currently available on the market.
Asking prices continue to rise
April saw UK property prices rise by 2.1%. This is the biggest monthly increase since February 2004 and according to Nationwide, the average UK home is now valued at 7.1% higher than 12 months ago.
There's never been a better time to sell
The current conditions in the marketplace mean that there has never been a better time to sell. If you're thinking about moving home in the near future, then don't delay. Get a valuation today and find out how much your home could sell for.