Sunday, May 22, 2022

    London Property News: March 2021

    Read the latest London property news from property specialists, Spot Blue. Our experts handpick the latest stories to bring you the latest developments, opportunities, and news in London.

    The Latest London Property News

    Our experts have condensed all the latest news into a quick-read feed. But you keep abreast of developments with even more news on the housing market from the BBC.

    Stamp Duty Holiday Extended

    The stamp duty holiday on properties up to £500’000 started in July 2020 but has now been extended for 3 months. In the budget, the Stamp Duty Land Tax (SDTL) relief was extended until 30 June 2021. This means that buyers will have less cost when purchasing a property and can potentially afford a higher value purchase price. If you are in the market to buy your first or next home, now is a great time to take advantage of having no stamp duty to pay up to £500’000.

    House Prices

    UK house prices have been rising, up by 5.2% from last year. However, London’s property prices have not followed the national trend. London saw the average house price fall by £22,000 since last year. With house prices expected to rise this year, now is the time to invest in London property. Find out what property is available in London here.

    5% Deposit

    For first-time buyers, the government also announced guaranteed loans taking out a 95% mortgage on properties up to £600,000. So if you are looking to sell your property in London, now is a great time with more buyers able to afford London’s house prices.

    Market Forecast

    With current trends and news from the government’s 2021 budget, London house prices are “set to boom” according to Savills. In March 2021, the property experts announced that London’s property market will rise 12.6% by 2025. So house prices in London could be at their lowest now, meaning it’s a good time to invest.

    40-Year Fixed-Rate Mortgage

    In March, Habito announced its launch of the longest fixed mortgage in the UK. Their 40-year fixed-rate mortgage requires a minimum 10% deposit and interest rates are locked in for 40 years. This gives buyers more control and security when it comes to mortgages, which is expected to be a popular option in such uncertain times.

    The Latest Advice

    The latest London property news is all about the recent budget set out by the Chancellor on 3 March 2021. So our experts predict that government tax reliefs and mortgage support will mean that demand will increase. So we believe now is the perfect time to invest in properties in London.

    Find out more in the complete Spot Blue guide to investing in London.

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