A Rise in People Moving House
Posted on 13th February 2018 at 15:50
According to recent research, the number of people moving house is currently at an all-time high, at over 370,000.00. With the number of people moving home soaring, our conveyancing solicitors Preston are here to help with all of your conveyancing needs.
Why is it that more and more people are deciding to move home?
Purchasing a new home is, often, the biggest purchase most of us will make. With a high demand for housing, more people are moving home.
Often, the biggest hurdle is for first-time buyers who can struggle to come up with the initial deposit required when purchasing a home and taking the first steps in entering the property ladder. This, in most cases, is 10% of the purchase price. Taking into consideration current house prices, the initial deposit required can amount to around £20,000.00 in some cases, which is a considerable amount of money to invest. It has been found that the average deposit has significantly increased by 45% over the last five years.
There are, however, many incentives that have been introduced in attempts to alleviate this pressure, in particular, for first-time buyers. These include, but are not limited to:
Help to Buy ISAs: First-time buyers can contribute to a Help to Buy ISA to be used on purchasing their first property. There are then contributions made by the government, which essentially ‘top up’ these savings, giving 25% back for the savings made.
Help to Buy equity loan scheme: This incentive relates specifically to new build properties. The government lends the buyer up to 20% which subsequently lowers the amount required for a deposit for the property, allowing the remainder to be funded by a mortgage. Please ask our conveyancing solicitors Preston for more information on this.
Stamp Duty Land Tax relief: Following the autumn budget of 2017, first-time buyers are now exempt from paying SDLT on property purchases of up to £300,000.00. This relieves the pressure of added expense during the conveyancing process, again an incentive for first time buyers to purchase property. See our ‘First-Time Buyers a Helping Hand’ blog for more information on this.
Call our Conveyancing solicitors Preston today for more advice on these incentives, and how they may work for you in purchasing your new home, today.
Once a property has been purchased, it is now growing more and more popular for homeowners to make money on property and progress within the property market further. With high employment levels and low mortgage rates, many homeowners are deciding to purchase low value property, renovate it and consequently sell it on to make profit. This is a further reason behind many individuals purchasing second properties which, again, reinforces the high demand for housing.
With this in mind, the amount of time homeowners are staying in properties is considerably short as they move on and progress within the property ladder. This brings us to the increasingly high demand for conveyancing services. With this in mind, MG Legal have a specialist team of experts who are here to guide you through the process.
We understand that the moving process can be a stressful and expensive one. That is why our Garstang solicitors are always on hand to make the move run as smoothly as possible. We also offer fixed fees for our services with no hidden extras.
MG Legal - Your Local Conveyancing Solicitors Preston
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