The property market is booming across the UK including here in the North East, and it’s a great time to get moving.
Many factors are contributing to the buoyant market, as people are acting now to benefit from the current savings available on Stamp Duty and the Government’s Help to Buy scheme, as changes are approaching.
Although the Prime Minister continues to announce local tier restrictions, the property market is still open and house moves can continue.
Here, North East homebuilder Miller Homes has rounded up five reasons why people may want to consider moving house now.
1. The housing market is very active
The housing market has been buoyant and as a result there is a lot of variety. After spending more time in our homes, people have had an opportunity to reassess what they want from their living space and consider whether their current home fits their lifestyle now and in the longer-term. For example, some homeowners would like a bigger home, require a study or garden, or to be closer to family. The active market has also led to a rise in house prices which have increased by three per cent over the last 12 months as reported by property portal Zoopla*, making it a good time to consider selling your property.
2. Help to Buy is changing
Currently, the Government’s Help to Buy scheme** is available to both first time buyers and existing home owners in England, but from 01 April 2021 it will be replaced with a new scheme for first time buyers only. Existing home owners who would like to purchase a new home using Help to Buy could still be eligible if they complete the purchase process by March 2021, so it would be advisable to begin the process as soon as possible.
Another difference is the amount you can purchase a home for using the new scheme. As with the current Help to Buy scheme, buyers could borrow up to 20 per cent of the cost of a property (or 40 per cent in London), however the maximum property price will depend on where in England you are buying, as regional price caps will be introduced. In the North East, currently the maximum property price is £600,000 which will reduce to £186,100 from 01 April 2021.
3. No Stamp Duty to pay
Every penny counts when you’re moving house. One saving which is currently available until March 2021 is the Government’s Stamp Duty holiday. This means that home buyers won’t pay any Stamp Duty Land Tax (SDLT) on homes up to the value of £500,000. Ordinarily, SDLT is payable if you buy a property or piece of land over a certain price in England and Northern Ireland. However, until March 2021 as part of the Government’s actions to help those affected financially by Covid-19, the payment ‘holiday’ has been introduced for a limited period.
Miller Homes is extending the Stamp Duty holiday so home movers have more time to benefit from the saving. This limited offer is available on selected plots across its North East developments until the end of June 2021***.
4. You could be settled for the New Year
New Year, new home! What better way to begin a New Year than with a fresh start moving into a new home? By starting the process now and putting your current home on the market and finding your new home, you will be in a great position for a New Year move, as on average the process can take between eight and 22 weeks**** as an approximate guide.
If it’s a new build home you’re looking to purchase, homes (commonly referred to as ‘plots’) can often be reserved well in advance so you can carefully plan your move. Miller Homes currently has a wide range of homes due for completion from spring 2021 onwards which can be reserved now. Schemes including Part Exchange and Assisted Move are available too, designed to take away the stress that can come with selling your current home and the moving process.
5. There’s lots of choice
As the market is very active there’s a lot of choice when it comes to choosing a new home, whether you’re a first time buyer looking to join the property ladder, a growing family in need of a bigger home, downsizing to a retirement home or relocating to a new area. A sensible first step is to create a wish list of locations you’d like to move to and work out what your price range is, which will narrow down your search for a new home that’s ideal for your lifestyle.
Miller Homes has 15 developments across the North East and one coming soon in locations including Acklam, Seaburn, Cramlington and Corbridge. To allow for safe social distancing, appointments at the sales centres must be booked via appointment on the Miller Homes website or by calling the development. Appointments include the opportunity to meet with the development sales manager to find out more about the range of homes available, view the show home and make a reservation.
To find out more visit www.millerhomes.co.uk/locations/north-east-of-england.aspx.
**Help to Buy loans are provided by the Government’s Homes & Community Agency (HCA) and are secured over your new home. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
***Stamp Duty/LBTT holiday continuation offered by Miller Homes with Stamp Duty/LBTT being paid by Miller Homes for completion dates after the end of the Government’s Stamp Duty offer until 30 June 2021 up to a maximum value of £6,000 (£2,100 in Scotland East). Higher rate Stamp Duty/LBTT for additional residential properties is excluded and offer may be dependent on completion by a specific date. Cannot be exchanged for cash. Only available on new reservations from Friday 16th October 2020. Only available on selected plots on selected developments. Miller Homes reserves the right to withdraw or extend the offer at any time. Offer is subject to Miller Homes’ standard terms and conditions and cannot be used in conjunction with any other incentive. In Scotland the government LBTT holiday is for purchases of properties under £250,000 completed between 15th July 2020 to 31 March 2021. Properties in Scotland above £250,000 will benefit from a saving of £2,100. In England the government Stamp Duty holiday is for purchases of properties under £500,000 completed before 31 March 2021. Properties in England above £500,000 will benefit from a saving of £15,000. No matching stamp duty/LBTT payment will be made by Miller Homes should the government Stamp Duty/LBTT holiday be extended beyond March 2021.