The Impact of Brexit on the Property Market, The Advantages to First Time Buyers and How This Effects You.
Are you worried about the impact of Brexit and buying your first home in today’s property market?
As a first-time buyer in this market, you can be forgiven for worrying about whether to take your first steps onto the property ladder but there are plenty of advantages to doing so now.
Mark Carney, governor of the Bank of England, recently suggested that property prices could fall by up to 35% over the course of 3 years, owing to Brexit.
However, land Registry data tells us a very different tale. At the time of writing, property prices nationwide continue to rise on average by 1.2%pa. Across London and the South East, data suggests that property prices are climbing at 3%pa.
In a 2016 English Household Survey recorded first time buyers within the past 3 years as the owners of 654,000 properties throughout England. Although, as a proportion of all homes, these figures are down slightly from 2006 and 1996, this is still a significant proportion of the market.
If you are lucky enough to find yourself in a position where you’re able to consider purchasing your first home, you might find the prospect daunting but you are certainly not alone in this stage of your life – you will become one among around 600,000 other people each year across England alone who are in that very same position.
With preferential rates of Stamp Duty Land Tax, Help to Buy ISAs, Help to Buy Equity Loans and Shared Ownership schemes available, it could be argued that the first-time buyer is in an unusually strong position to purchase right now. The intended effect of these new measures are designed to encourage that first crucial step onto the property ladder.
In the first 6 months of 2018, over 98,000 buyers took advantage of the new SDLT reliefs for First Time Buyers, saving an estimated £231,000,000.00 – that’s a little over £2,350.00 per person or, to put it in real terms, a healthy budget for furnishing your new home.
At Hodders Law, our property and conveyancing teams have an abundance of experience dealing with purchases within the gamut of schemes and facilities available to the first time buyer. Should you require any further information please do not hesitate to contact us and a member of our team would be happy to talk you through your options.