Why now might be a good time to buy a home
As the UK housing market faces uncertainty in the wake of the stamp duty tax changes in April and the referendum result to leave the EU in June, we look at why it might still be a good time to get onto the property ladder.
How has the property market been affected?
According to statistics released by HMRC, the number of house purchases worth more than £40,000 in June this year was 11% lower than June 2015. However, the CEO of My Home Move, Doug Crawford, said the market was actually returning to health after a quiet April and May which was due to the changes in stamp duty prices:
“While the number of property transactions remain below the levels seen a year earlier, a 4.9% increase between May and June is very encouraging. My Home Move’s own data suggests that the number of completions in June 2016 was actually 2.7% higher than in June 2015.”
On the 24th June, the day after Brexit, the outlook for the housing market was so bleak that the share price of one of the country’s biggest home builders, Persimmon PLC, fell 28%. While we’re still waiting for Article 50 to be invoked and see the effect that it may have, it seems that the predicted doom and gloom around the housing market may have been premature. Persimmons say that since the referendum, visits to its sites have gone up by 20%, private sales are up 17 per cent and there have been fewer cancellations than a year ago.
In August, Countrywide, Britain’s largest estate agent, predicted Britain’s house prices would fall by 1% in 2017 as a result of Brexit. Although, interestingly, they also say that prices will stage a recovery in 2018 at the rate of 2%.
While property investors may be cautious, 2017 could be shaping up to be one of the best times to buy a home. With property price growth slowing down, it is great news for people looking to get on the property ladder.
Get a Good Conveyancer
As we mentioned in our article ‘Your Conveyancing Questions Answered’, conveyancing is legally transferring the ownership of a property from the seller to the buyer. It starts when your offer on a house is accepted and completes when you receive the keys.
This can be much more complex than other types of transactions as your conveyancer will need to carry out a number of checks in relation to the property and land. There are many firms which offer this service, at a variety of prices.
While it’s tempting to go with the easy choice of the estate agent’s recommendation, this could end up costing you more – as they are likely to be commission based.
Buying a property is likely to be the biggest purchase you will ever make and it’s vital you choose an expert conveyancing solicitor to ensure you don’t face any property nightmares further down the line.
How We Can Help
Founded in 1980, Osborne, Morris & Morgan provide a friendly, professional service, ensuring your property transaction runs as quickly and smoothly as possible.
Our expert legal advice offers fixed fee conveyancing, meaning no hidden costs and no nasty surprises.
We understand the importance of having an experienced conveyancing solicitor on your side when buying or selling a home, so call us today on 01525 378177 or contact us online.