Buying a new house is an exciting time and one that should be celebrated, however due to the sudden rise in backlogs, delays and the volume of new homeowners on the market, the process is taking longer than ever before.
Whilst the Stamp Duty Holiday has been put in place to help boost the UK property market during COVID-19, this sudden urgency to cash in on the scheme has led to additional delays in mortgage application processing, searches and conveyancing brought on from the UK lockdown.
As a result, we are seeing the window to benefit from such schemes shrinking day by day, with some property experts reporting the time from offers being made to a completion date, is now taking a minimum of six months.
The process can be even longer for those eyeing up the Help to Buy scheme. With Help to Buy announcing new timeframes for application approval to completion, it has more than doubled from six weeks recorded pre-lockdown to now 13 weeks. And it is not just Help to Buy that is under pressure, as according to this recent article from The Times, overwhelmed banks, surveyors, local councils and lawyers are also struggling to cope. It is also important to consider that, according to The Telegraph, mortgage availability is at a 10-year low, so more time should be factored into the mortgage application process too.
Our Senior Operations Manager, Andrew Topping, shares: “The schemes put in place have been instrumental in helping the property market rebuild after the lockdown, however the effect it has had, has left people waiting on the side lines for weeks and months at a time. We have seen reports sharing that there is an almost 40% uplift in sales in July to September 2020 when compared to the same time in 2019.”
So, what does this mean for those on the property hunt?
There really is no time like the present to start your housing search and process before it is too late… that is if you intend to make use of the Stamp Duty Holiday before it ends on the 31st March as time is well and truly ticking.
There is however no need to panic as we can help you manage time and will support you through the entire process. If you are trying to find your dream home, our team is available to discuss the schemes available to you, arrange visits to properties and help you start the process of buying your new home today.
Andrew Topping continues: “Since the property market is highly congested and this expected to continue for the coming months, we are urging people looking to buy properties, with the benefit from the Stamp Duty Holiday and Help to Buy schemes, to start the process now. GRE Assets wants to help as many people get on the property ladder, make the move they have been dreaming of, and take advantage of the money saving schemes available. Our team is ready and waiting to help customers through every step of the journey.”
One of our latest developments includes Riverside Park in Ashford, Kent. Once complete, this multi-million-pound investment is set to be the cornerstone of the town’s exciting regeneration plans, with 246 spacious one-and two-bedroom apartments, 26 stunning three-bedroom townhouses and a new public realm.
The Riverside Park show home is open seven days a week, from 10am to 5pm. Book an appointment today to kick start the home buying process and benefit from the government’s profitable incentives before it is too late!
For more information on Riverside Park, click here:
Date: 6 October 2020