Buying a Home in the Current Climate
9 October 2020
Despite COVID-19 bringing much unrest this year, there has never been a better time to buy a home. We’ve outlined five reasons why now is a great time to purchase.
1. Stamp Duty Holiday
You may have heard that the Government has announced a temporary stamp duty holiday on the first £500,000 of a property purchase. Unsure what this means for you? Well, the previous stamp duty rates meant that the first £500,000 property would be subject to £15,000 in stamp duty taxes, which you would have to pay on completion. However, the stamp duty holiday means that this tax is no longer applicable.
But be warned; the stamp duty charge will resume 1st April 2021. So, in order to secure and complete on your property purchase in time, and not have to pay a significant amount in taxation, you will need to act soon and purchase your home by 31st March 2021.
2. Mortgage Rates
With the Bank of England cutting the interest rate to 0.1% this year, the major mortgage lenders have slashed their rates to an historic low. This means you could secure a money-saving mortgage at an all-time low rate.
3. Shared Ownership
Shared Ownership is a Government-backed scheme that allows first-time buyers, and those who do not currently own a home, the opportunity to purchase a property at an affordable price, by enabling a buyer to purchase a share of a property.
With Shared Ownership available on all our properties, you could secure your own home with as little as a 5% deposit of your share value (typically between 25% and 75%).
For example, at our Cross Trees Park development in Oxfordshire – all you would need is a £6,200 deposit for a 40% share of a three-bedroom family house.
4. Wide Range of Available Homes
As housebuilding continued throughout lockdown, the current property market offers a substantial choice of homes suited for all needs.
Our Shared Ownership properties also reflect this; from luxury studio apartments in the City to four-bedroom family homes in the countryside. We pride ourselves on providing a wide range of homes that appeal to every homebuyer.
5. Health & Safety
Unsure of the current rules and regulations surrounding house viewings and buying during COVID? With the property market reopening earlier in the year, sales suites and show homes at our developments are welcome to visitors, and our friendly and experienced Sales Teams ready to guide you through the process.
For your health and safety, and in line with government guidance, social distancing will be in place at our developments, and all visitors will have access to hand-washing facilities. You can read the full list of regulations in place, here.
Mortgage lenders and solicitors’ offices are also now operational; please speak to your chosen lender and legal adviser, respectively, to understand their regulations.
Want to act now?
We provide an array of affordable, top quality, and modern apartments and houses across England. Start your search by viewing our current properties available. Or, head to our social media profiles on Instagram and Facebook (@legalandgeneralaffordable) to ask your property questions. #landgah