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Time to Buy?

House prices will almost inevitably be increasing over the next few years. Reports of rising prices over the past year or two have by and large reflected London and the South East. However recent low interest rates seem likely to continue well into 2016 and many lenders are now offering extremely attractive deals both short and long term especially to those fortunate enough to have larger deposits, particularly 40%.

These favourable conditions have been augmented by record low inflation figures caused by the collapsing price of oil and ever lower food prices. There are even green shoots appearing in wage rises. With a nationwide shortage in the delivery of new houses which has been ongoing for many years all the critical factors suggest prices will be rising. Hopefully the rises will not lead us into another “boom and bust” cycle as “affordability” is more closely considered by mortgage lenders today than was previously the case.

Worcestershire will over the next fifteen years see a large number of new housing developments in all of its major population centres as the South Worcestershire Development Plan proposals will be delivering significant new housing growth up to 2030. New homes will always be popular for all buyers benefitting not merely from compliance with current building regulations but latest technology and advancements and “greener” than ever. Emerging policies in the SWDP promise larger areas of open space seeking to balance “bricks and mortar” interests with those of local wildlife and sustainability.

Recent changes to stamp duty also reduce the costs of buying for all but the most wealthy. The rates are now:-

Up to £125,000 : 0%
£125,001 to £250,000 : 2%
£250,001 to £925,000 : 5%
£925,001 to £1.5m : 10%
Above £1.5m : 12%

So is now the time to buy in Worcestershire? Whilst this point may be debatable whether you are looking to get on the property ladder, moving house or seeking to invest  Quality Solicitors Parkinson Wright are happy to help you. Why not try our fee estimation service “QuickQuote” today?

For more information please contact our Conveyancing Team on 01905 721600.

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