The latest housing figures in the United Kingdom show that the average prices were up by more than nine per cent in 2021, which was an increase of more than £24,500. The biggest question many potential buyers are asking is, will this growth continue in 2022? Over the past 24 months, the United Kingdom Government has introduced numerous initiatives to curb the devastating effects of the coronavirus, supporting the economy.
One of these initiatives is the Stamp Duty Land Tax holiday, where purchases of less than £500,000 on or before 1 July 2021, will not need to pay stamp duty. Those who bought above the £500,000 threshold, only paid stamp duty on any amounts above this. These measures helped to increase buyer demand in the past year.
The good news for property buyers is that in addition to the housing prices and elimination of stamp duty, is that 2022 has reintroduced the 95% mortgages for first-time buyers, which has increased the demand for conveyancing solicitors nationwide. Many first-time buyers found they couldn't make any purchases during the pandemic with higher inflation and low-interest rates, without these first-time mortgages. They found that they had to save for a much higher deposit.
The rise in housing prices has posed challenges in certain areas of the country, with sixty-seven per cent of people believing that the housing market is not helping people find good quality and affordable homes in the areas where they want to live. Sixty per cent of homeowners and seventy-two per cent of tenants believe that housing prices are the biggest issue they are facing right now and are sceptical about whether the housing industry will provide cost-effective and high-quality homes once the pandemic is behind us.
Ray Crudgington, the Managing Partner at Grant Saw Solicitors LLP in the United Kingdom, said “Lenders are focusing on energy efficiency this year and they are aware that homes with great energy ratings can be worth more than £40,000 to those that are less sustainable. We have experienced a significant rise in demand for our conveyancing solicitor services this quarter after the welcome announcement that first-time buyers can qualify for a bond of 95%, which means a lower deposit amount. This is encouraging these first-time home buyers to get their foot on the property ladder in all areas nationwide.”
Grant Saw Solicitors LLP is a London based solicitor providing legal services to private and business clients. The firm has been operating since 1851 offering legal excellence and a modern and friendly approach. They are recognised for their excellence with numerous accreditations. Being members of Lawnet, they share ideas and resources. Grant Saw Solicitors LLP are based in Black heath and Greenwich, both offering disabled access. Their extensive range of legal services ranges from tenant and landlord disputes to residential property transfer, commercial property, insolvency, employment, and dispute resolution. Full details can be found at https://grantsaw.com.