How many people move house?
Posted on 28th December 2023
According to recent research, the number of people moving house is currently at an all-time high, at over 370,000. With the number of people moving home soaring, our conveyancing solicitors in Preston are here to help with your conveyancing needs.
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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, with a need for bigger spaces for growing families, the number of houses being sold is high.
Often, the biggest hurdle for first-time buyers is that they 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 (and often more), 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.
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 ‘First-Time Buyers a Helping Hand’ for more information on this.
Why choose MG Legal Solicitors?
Transparent fees.
Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis.
We are the experts.
Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you.
Regular communication.
When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates.
Multiple office locations.
If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience.
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 Conveyancing Solicitors in Preston 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.
If you require the advice of our local conveyancing solicitors, contact us today on 01772 783 314.
This article was published on 13 February 2018, and updated on 28 December 2023.
Why choose MG Legal, Conveyancing Solicitors?
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Tagged as: Conveyancing, Solicitors in Preston
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