If you’re thinking about buying a house, it’s important to take a minute to get up to date with all the latest property news. Understanding the current landscape of the UK market will help you to balance your budget, spot potential property pitfalls and navigate the entire process quickly and easily.
House buying is going to get easier
One thing that’s very good news for house hunters everywhere is that property purchasing is about to get easier. The Government has recently pledged to make the process cheaper, faster and less stressful. They’ve asked for input from the property industry and are currently looking for specific areas that can be streamlined and simplified to make the process smoother.
One area that looks set to be addressed is gazumping. For years, this unethical practice has been the bane of house hunters, and has cost buyers thousands in wasted legal fees. The Government is looking at introducing laws that will help to prevent gazumping and give buyers peace of mind when they’re purchasing their new home.
Interest rates are going up
Speculation is rising that the Bank of England is planning on increasing interest rates in the coming months. Many major lenders have already withdrawn their lowest mortgage rates from the market and it’s likely that both new buyers and existing homeowners are going to see their mortgage payments spike in the near future.
Despite the fact that this will affect millions of people around the country, recent research from lender TSB has shown that more than two-thirds of homeowners aren’t aware that the base rate rise with affect them. The same research revealed that 66% of homeowners ‘worry’ to some degree about an increase in mortgage interest rates.
New homes are cheaper to run
Though this may not come as a huge shock to those who’ve lived in both period properties and new build homes, the recently released figures will still make interesting reading to those currently searching for a property. According to Energy Performance Certificate data, 84% of new builds have the top A or B efficiency rating. This is compared to just 2.2% of older properties.
What this translates to is an estimated £700 saving in annual energy bills. Data released by the Government shows that owners of new builds spend an average of £433.30 on heating and lighting their homes, less than half of the £1,072 a year owners of older properties have to fork out on gas and electricity.
If you’re considering buying a new home and want to ensure you have all the latest information and advice, get in touch with a member of our team or drop into one of our local branches.« Back to Latest Monthly News