Recent newspaper articles in the UK suggest the housing market is currenly experiencing a Boom in demand.
There have been several newspaper articles recently indicating the UK housing market has rebounded quickly from the Lockdown period which began on the 23rd March 2020.
During the lockdown period, there was a widespread fear amongst experts that the house sales could collapse, fortunately the opposite seems to have take place and the market is experiencing a boom.
House prices in the UK hit a record high last month, according to the building society Nationwide. Factors that have helped to underpin the good performance are as follows:
Ultra-low interest rates. The Bank of England cut its base rate to 0.1% at the start of the Covid crisis. In May the UK Government announced a Stamp Duty Freeze on property transactions of £500,000.
Once the market was allowed to open up again, and operate with new more Covid secure operating practices, pent up demand from the Lockdown period was released.
It of course remains to be seen what will happen as we move through Autumn and Winter, but fingers and everything else is certainly crossed that the growth in house sales continues for the latter parts of 2020.
A new housing site in South Bristol will create 1400 new homes.
The basic mortgage valuation is only to establish if the property is acceptable for a lender within that lender's specific criteria. It does not necessarily comment regarding all the defects which may be present. Our survey will report upon the general and overall condition of the property. Repair costs/maintenance can be substantial and potentially costly. The cost of your Survey can often be recovered through renegotiation, using our report.
We normally find the majority of our clients are the intended purchaser of a property. This post outlines our typical experience when someone hires us to carry out a property survey for them.
