Lazenby’s Financial Advisors and mortgage brokers have seen an increase in the number of prospective homebuyers across the UK.
Despite a chaotic year for the UK economy, the housing market stands surprisingly resilient as 2020 comes to an end.
Working from home became the ‘new normal’ which has had a significant impact on the UK property market. Yorkshire has seen a rising demand for new homes since lockdown restrictions began to ease, with a sharp rise in properties for sale as well as an increased demand for houses with gardens and home office spaces. With this rise, house prices reached their highest growth in two years.
However, although demand for mortgage brokers in Leeds has peaked, the number of properties available to prospective buyers has decreased and led to an increase in house prices.
Dee Lazenby, Operations Director at Lazenby’s said, “there are several reasons for the high number of prospective buyers. For example, the stamp duty holiday has the potential for big savings. Banks such as Nationwide are also bringing in a lower minimum deposit needed to buy.”
Dee remains confident that the boom will continue until Spring but warns of rising interest rates and the upcoming stamp duty deadline.
“Although lowering minimum deposits needed for first-time buyers is a positive step, higher interest rates still means a challenging time for many looking to get on the property ladder. The stamp duty holiday is certainly beneficial for those looking to move to a new home as there are big savings to be made”.
“However, the increasing pressure on the housing industry could cause thousands of sales to fall through at the final hurdle as buyers realise their sale will not be completed ahead of the stamp duty holiday in March.”
