Britain’s biggest mortgage lender, Halifax has said that house prices are rising at their highest rate for 5 years, leading to a massive shortage of properties and huge price increases.
This is excellent news for Estate Agents whose bread and butter business models depend on the value of housing stock across the UK.
The Halifax said almost £20,000 had been added to the average house price since the market came to a near stop during the first coronavirus lockdown in April 2020.
Since the market reopened, values have gradually increased, leading to a gradual but accelerated increase in prices.
This is particularly prevalent in the 3 and 4 bedroom family homes market, where people who are desperate to get out of the city are competing for massively reduced volume of housing stock.
Russell Galley, Halifax’s managing director said:
“The stamp duty holiday continues to add impetus to an extremely active market, magnifying the current shortage of available homes as buyers aim to take advantage of the government scheme,”
“The influence of the stamp duty holiday will fade gradually over the coming months as it’s tapered out but low stock levels, low interest rates and continued demand is likely to continue to underpin prices in the market.”
How to Buy with Us
As it is probably your most important purchase, when it comes to buying your new or next home, it’s important to choose a local estate agent with considerable local knowledge and experience. As such, we are fully committed to providing you with a top quality service and ensuring that things move along as swiftly and smoothly as possible. We’ve compiled a clear guide on how the buying process works, and please don’t hesitate to contact us if you have any questions:
Decide on your budget and get a mortgage offer
If you’re in the lucky position of using cash or savings to buy your property, you won’t need a mortgage and can simplify and speed up the process of buying. Otherwise, you’ll need a mortgage, and it’s often better to get an offer earlier rather than later to ensure credibility with any sellers and smooth the process once you’ve found your ideal property.
Deciding the property and location
Decide what you are looking for in a property – whether you need parking and a garden, how many bedrooms you need. If it’s a flat, whether you want it to be freehold or leasehold – and pick an area on which to focus your search. You’ll also need to consider what you want out of the location: are local schools, transport links and shops important to you? How long are you planning to live in the property for? Do you need open space, parks nearby?
Making an offer
When you find somewhere you like, make an offer that’s realistic based on your assessment of the property, it’s potential and things like how long it’s been on the market. Ask how long it’s been on the market and if the seller wants a quick sale.
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