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Are you in the process of buying a property and are wondering about getting a survey? Don’t make the mistake that far too many homebuyers still make, thinking it’s an unnecessary expense. A study carried out by the Royal Institution of Chartered Surveyors (RICS) revealed that those who didn’t bother with a home survey faced unexpected repair work after moving in, resulting in £5,750 in costs on average, and for some, the cost can be substantially higher. So, do yourself a big favour and assess the risk of your investment before you sign on the dotted line.
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During the 2021 Budget on 3 March 2021, Chancellor Rishi Sunak announced that new 95% mortgages will be introduced in order to allow first-time buyers to get on the property ladder with as little as a 5% deposit.
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On 3 March 2021, Chancellor Rishi Sunak announced that the Stamp Duty Land Tax (SDLT) holiday will be extended until 30 June 2021 after facing pressure to extend the deadline by three months amid concerns of a ‘cliff-edge’ come the end of March.
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A year like no other
2020, a year in which the housing market defied expectations. At 7.6%, annual price growth across the UK is at its strongest since the summer of 2016. Over 129,000 homes are believed to have changed hands in December, 32% more than in December 2019 with sales for the year projected to be just 11% lower than in 2019 (HMRC). The mortgage market has recovered. Approvals in 2020 were up 3.7% on the previous year (Bank of England) and with an estimated 9–10% more sales agreed in 2020 than in 2019, the start of 2021 has been positive.
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Moving to a new house can be a stressful time, particularly if a sale falls through. Don’t worry if this happens as there are often ways to get it back on track. Guild Members talk about the potential pitfalls to avoid during your negotiations and share their top tips to help your sale move forward.
