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The demand for country houses in the UK has driven prices to a four-year high.
Prices for country houses, including, cottages, farm houses and manor houses rose 2% in the three months to September from the previous Quarter according to the estate agent Knight Frank as the number of offers accepted outside of London were at an all-time record.
With working from home becoming a long-term reality for many office workers in the wake of the Coronavirus pandemic, those who can afford to do so have been moving out of London and other big cities to more rural areas in search of larger houses. In the south-east and the east of England prices rose 2.1%.
Prices for country houses valued at less than £1m rose by 1.8% on the previous quarter, while houses valued at more than £1m recorded growth of 2.3% according to Knight Frank.
Other data from estate agents and mortgage lenders have shown that property prices are on the rise in leafy commuter towns.
Despite the second lockdown and the weakening job market offers for houses accepted outside London were still at al all time high in the second week of October, suggesting exchanges would continue to rise in the run-up to Christmas.
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Boris Johnson has stated he plans to help Generation Rent become Generation Buy with new proposals to increase availability of long term, fixed rate 95% loan-to-value mortgages. The Prime Minister has said in a statement that following the lockdown, many young people who weathered the storm in rented accommodation have an overwhelming urge to buy their own place, but "Many of them simply can’t – not because they can’t afford the mortgage, but because they can’t afford the deposit!".
The proposal is expected to reflect similarities to the former Help to Buy scheme pushed by the government that offered to underwrite 15% of the mortgage in newly built properties to reduce the risk to lenders and instilling confidence to accept applications from first-time buyers who only have access to a 5% deposit, however these plans are not confirmed as of yet.
Please see the full article via Home Owners Alliance here.
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The post-Covid housing market will cause buyers to reassess their priorities when looking for a property to buy.
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The property market has seen house prices rise by 0.3% during February according to new figures from Halifax over the course of the month. The market has gone from strength-to-strength over the past 3 months, showing annual house price inflation rising to 2.3%, the highest it has been in the past 19 months following the decisive general election which quashed the effects of the uncertainty of Brexit.
These figures were obtained following data that showed a whopping 70,880 mortgage approvals for house purchases in January, the highest it has been for the past 4 years!
Read the full article from the Negotiator by clicking here.
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