LOW MORTGAGE rates and rising buyer demand means there is no better time to buy a property in the North West of England. Lovell Homes, a national housebuilder with developments in desirable locations throughout the region, explains why.
Northern house prices are expected to increase the most
With a majority government now in place, there is strong confidence in the market which means a window of certainty and a predicted 2% to 4% rise in property prices* in the north. This means buyers should be looking to make the most of the best deals and acting right now.
A supportive market for mortgages
Fixed rate mortgages are very favourable with options such as two years at around 1.5 per cent and five-years below two per cent.
Scott Howitt, sales director at Chartwell Mortgage Services, added: “There has never been a better time to consider buying a property in the North West. The Bank of England’s current base interest rate is significantly lower than it was a decade ago, which has given rise to many different mortgage opportunities.
“When you combine these low fixed-mortgage rates with the chance to secure your home with a five per cent deposit instead of a 10 per cent one, it makes buying a home a very attractive option.”
Demand continues to be high – don’t let your ideal home get away!
The rise in the number of available new build properties also continues to have a positive impact on buyer confidence although demand still outstrips supply – meaning if you spot the home for you, it’s recommended that you act quickly.
Anne Marie O’Doherty, regional sales director at Lovell Homes North West, said: “2019 was a busy year for Lovell Homes and the new build homes market as a whole and we want more of our buyers to experience the benefits of this increasingly valuable region; particularly whilst the mortgage rates are so favourable and house prices increase higher than any other part of the UK. Furthermore, low interest rates remain steady, and lenders are eager to lend whilst employment rates improve to ensure even more people can secure a home in 2020. Lovell Homes came into 2020 with over 100 sales already secured for the year, showing demand and confidence in the market is only going to grow.”
Lovell Homes can help
Don’t forget that many Lovell Homes properties are also available through Help to Buy. Since its inception in 2013, Help to Buy has helped more than 200,000 people purchase a new home.
Changes are afoot! At the moment and until 2021 - anyone purchasing a new build home and using Help to Buy equity loan to assist their purchase can buy a property worth up to £600,000.
Thereafter, and up to 2023, only first-time buyers will be eligible to buy through the scheme and maximum property values will be restricted by a regional amount.
Under the Help to Buy equity loan scheme currently, a buyer (whether first time or who has previously owned a home) can secure their home with a five per cent deposit and a 75 per cent mortgage. The remaining 20 per cent is then paid off as an equity loan, which remains interest free for the first five-years.
To find out how much you could afford using the Help to Buy Scheme, click to our helpful calculator here.
*Rightmove December 2019 House Price index
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