From speaking with buyers in the local area, we know the housing measures announced in the March 2021 Budget has caused many people and households to consider their options. We believe the measures can assist buyers in Biggleswade, much like they are assisting buyers across the country.
The two key measures announced in the March Budget include:
· The extension of the stamp duty holiday
· The introduction of the small deposit mortgage guarantee scheme
There was an immediate uplift in activity on Rightmove after the Budget measures were announced.
According to information provided by Rightmove, there was significant movement on their platform, within 30 minutes of the stamp duty holiday extension announcement. Rightmove said:
· Use of the mortgage calculator on site rose by 85%
· Overall traffic to Rightmove increased by 16%
Stamp duty extension will help some, but not all, buyers
Highlights relating to the stamp duty extension, announced by Rightmove include:
· The average stamp duty saving in England until 30th June is £5,802
· People enquiring about properties under £500,000 on Rightmove makes up 84% of all buyer enquiries in England
· People enquiring about properties under £250,000 on Rightmove makes up 50% of all buyer enquiries in England
· Rightmove estimates an additional 300,000 property transactions in England could get through by end of June, based on previous HMRC transaction data
· If an additional 300,000 transactions made it through, buyers could save £1.75 billion in total
· Based on the current sales that have been agreed in England, 80% of them would pay no stamp duty due to the holiday
· 45% of all properties will be exempt from stamp duty from July to September
However, with properties in Biggleswade holding an overall average price of £312,526 over the last year (according to Rightmove), the tapering-off period is unlikely to have a significant impact on local property deals.
Of course, there is also the small deposit mortgage guarantee scheme, and this is likely to be helpful to some Biggleswade buyers.
Do you need help saving for a mortgage?
Relevant information relating to the small deposit mortgage guarantee, according to Rightmove includes:
· 86% of properties up for sale have an asking price of £600,000 or less
· The national average asking price for all properties is currently £318,580, which is 3.0% higher than February 2020
· The national average asking price of a first-time buyer property is £200,692, which is 3.6% higher than February 2020
With the small deposit mortgage guarantee scheme available for first-time buyers and existing homeowners, movers in Biggleswade can benefit.
With the average price paid for detached properties being £428,171 in the past 12 months, most buyers in Biggleswade will meet the requirement for this scheme, if required. If you would like guidance on this matter, or any local property market issue, please get in touch.
In line with Government guidelines, our Biggleswade branch is open and our and lettings personnel staff are on hand to assist you. If you have any queries or need advice on property sales and lettings then please call 01767 317799 or email firstname.lastname@example.org.