Help To Buy Means Busy Property Solicitors22nd Nov 2013
Our conveyancing solicitors in Bournemouth, Poole and Dorset are busier than ever right now after a surge in the local housebuying market.
So much so that we are now recruiting for extra staff to help meet demand.
And that demand shows no sign of waning now the Treasury’s £12 billion Help to Buy mortgage guarantee scheme is being extended.
From January 1 2014, the Help to Buy mortgage guarantee will help buyers to purchase a home with a deposit of just five per cent. It follows the launch of the scheme for new builds in April.
Help to Buy will be available for properties offered for sale at £600,000 or under.
It’s open to first time buyers and existing homeowners – but it can’t be used if you’re intending the rent out the property.
The scheme is bound to be popular. Business Secretary Vince Cable has already raised concerns that it could force up prices and create a bubble.
But even without Help to Buy, the local market is already gaining momentum again. People see that prices are starting to rise and they are jumping on the bandwagon.
In July, Coles Miller Partner Ruth Kerley – one of our Poole property solicitors – reported an increase in gazumping locally.
Gazumping is another sign of increasing demand as buyers clamour for a limited number of properties.
So much for the traditional summer lull as people go on holiday.
This all points to house prices across the South only going one way – up!
Unfortunately, a rising market can make moving house be even more stressful than usual for buyers and vendors alike.
Let us help make the process run more smoothly. Contact your nearest Coles Miller office and ask for our conveyancing solicitors.