By Peter Lane & Partners
After some brief hesitation, as people waited for detailed guidance and legislation it is now clear that home movers are carrying on their searches and sales during this second lockdown in England with the market staying open.
According to statistics from a national property portal, sales agreed across the country were up 50% on October last year and now estimate there is £650,000 of sales going through the buying and selling process, 67% more than the same time in 2019. There was also some good news in the mortgage market this week with one of the big players announcing that they have re-introduced a selection of 90% LTV (loan to value) products. This will help those buyers especially first time buyers who have struggled to raise larger deposits required by lenders earlier in the year.
Sellers and buyers still looking to benefit financially from the stamp duty holiday should move quickly and start the process by obtaining a current market appraisal of their property and if a mortgage is required speaking to an independent financial adviser.