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Buying a property can sometimes feel like a long and overwhelming process, especially when purchasing a home for the first time or as a solo buyer. Perhaps unsurprisingly recent research (by Money Box Home-Buying) suggested over three in five home owners felt they were ‘winging it’ when they bought their own home with 61 percent feeling that, due to their lack of knowledge about the process, they were underprepared.
However straightforward the process could prove to be, when you are confronted with an abundance of terms and phrases you do not know or understand it is easy to see how it could start to feel like a lonely undertaking, where second guessing yourself or what you are reading becomes the norm. This appears evident in the study reporting 48 percent of these homebuyers admitted they were left feeling anxious, hoping they’d not missed or misunderstood anything important.
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When the stamp duty holiday came to an end, it was expected that the home buying frenzy would tail off, however, prices and demand continue to soar.
There are currently 24% fewer homes on the market than this time last year, with higher than average enquiry levels and interest per property listed.**
Even when SDLT savings dropped from £15,000 to £2,500 earlier this summer, house prices were 11% higher when compared with August 2020, as increased demand led to competitive offers from buyers.*
For August 2021, the average price sat at £248,857. That has risen by 13% since the start of the pandemic, and an increase of £5,000 in the space of one month.*
