As we get ready to reopen some sales offices by appointment only this weekend, we explore why now might actually be a good time to buy...
As we get ready to reopen some of our sales offices by appointment only this weekend, we explore why now might actually be a good time to buy a new home. Even during lockdown we’ve still found a healthy appetite among customers to purchase a new home and have been taking reservations remotely over the last few weeks. With latest Government advice saying property viewings are now allowed - in England at least - we can't wait to see our customers as some of our developments open within the next week or so and we are expecting interest to grow. Current demand is being fuelled by a number of factors:
Need / desire An acute realisation by some customers during lockdown that their existing home really is too small, too big, needs too much maintenance, doesn’t have a garden, is too far from shops, parks and other local amenities or has generally just out-lived its welcome!
Interest rates at all-time low The Bank of England has cut its interest rate to an all-time low of 0.1%. This means that the cost of borrowing should be cheaper. Recent data from the Moneyfacts UK Mortgage Trends Treasury Report showed that two-year and five-year fixed mortgage deals are at their lowest level since the Moneyfacts’ electronic records began in 2007. The report highlighted there were fewer mortgage products on the market at the beginning of May than two months earlier, but Moneyfacts’ said lenders were starting to relaunch products.
Help to buy The Help to Buy scheme in its current format is due to expire in 2021. However, the Home Builders Federation is currently in talks with Government to have it extended due to the impact of the Covid-19 lockdown. Hopefully the 20% equity loan will be available longer for eligible transactions, meaning customers will still only need to find a 5% deposit. What we do know already is that Help to Buy will remain available for first time buyers until 2023, albeit with regional caps on the value of the home you can buy.
Housing market ‘reopen’ Estate agents in England have been told they can reopen, valuations and property viewings can be carried out, and removal firms and conveyancers can restart operations. We’re waiting to see if similar measures will be implemented in Wales.
Consumer confidence Some may be worried about employment and job security, although the Chancellor’s announcement extending the furlough scheme until October will have helped in some quarters. The bottom line is that for those who need or want to move, and have the resources to do so, the low interest rates and availability of Help to Buy make this a potentially good time. And if that’s you, here at Anwyl Homes we have plenty of new homes for you to choose from across the North West of England and North Wales.
With our sales offices opening this Saturday 30th May - you can book your appointment today to discuss all of the above and your new home by contacting our sales team by phone or email. For a full list of the developments opening this weekend, follow the link https://www.anwylhomes.co.uk/5294-2/
