Property buyers are enjoying the most favourable market conditions in years.
Key changes to tax, interest rates and lending criteria have combined to create a stimulus that is helping thousands of would be home owners buy their next property.
• The lowest mortgage interest rates on record
• The return of 10% deposits
• Stamp Duty threshold temporarily raised to £500,000
These new and positive financial conditions are already making a difference at all levels of the market.
Jennifer Ridgeon from financial advisors Daniels Associates, said: “The stamp duty holiday is a welcome incentive and will increase market activity in the next few weeks and months.
“We have also seen a number of other elements come into play banks and building societies reacting positively to attract new customers. And lenders expect higher loan to value (LTV) lending to rise as consumer demand for house purchases and re-mortgages rebounds in the third quarter of 2020.
“Metro, Coventry Building Society and Nationwide all re-introducing 90% LTV products, it’s fair to say that lenders are returning to higher lending levels again.
“Virgin and Clydesdale Bank are also offering a 10-day to mortgage offer service or £100 cash payment if they don’t meet the deadline. It is a positive move as lenders are finally back to normal service standards with physical valuations now able to proceed.”
The lock-down emphasised the importance of personal outside space, either a garden or private balcony, green surroundings and easy access to parks or countryside – something offered by all PJ Livesey schemes.
Whether it’s the mature grounds of 825 Didsbury, the central open space of Green Walk or the rolling acres of Alderley Park – we know our customers appreciate the natural environments we create.
PJ Livesey board director Craig Lynch said: “We saw intense on-line activity during the lock-down as customers looked either for their first home or a home more suited to their needs and this is now translating into sales. Buyers who had been considering a move are now committing to their purchase and since measures eased and our sales centres re-opened we have been phenomenally busy.”
At The Water Garden in Alderley Park Cheshire, nine of the luxurious properties including prestigious water level apartments have been reserved in the last month.
Craig added: “There are several reasons for the uplift in reservations. The undercover parking, grand entrance foyer, show homes and vast balconies overlooking the Water Garden’s historic fountain are complete so buyers can see for themselves how special this development is. The new show apartments are in progress including a beautiful two-bedroom property priced £624,950 and a breathtaking water level mansion garden apartment for £1.3m.”
At Green Walk, the resumption of 10% deposits from some lenders, coupled with stamp duty savings of up to £15,000 have seen first time buyers able to step onto the ladder and into their first apartment home at Quantum House.
With the latest show apartment now sold there are only five apartments still available in this luxurious building where the huge terraces form an ‘outside room’ for entertaining and relaxing.
The Green Walk houses are attracting families who want the buzz of West Didsbury and its great connections coupled with large contemporary living spaces that make life easy.
At 825, twenty-three apartments released in the first phase have now been reserved and the new releases are all planned to complete within the stamp duty holiday window.
These include two new designer dressed show apartments. Apartment three is a dual aspect two-bedroom garden apartment with private parking available for £409,950 and Apartment eight, also a garden apartment with a private setting and beautiful aspect priced at £394,950.
Craig added: “This really is a golden opportunity for buyers to take advantage of these favourable market conditions. It’s all about location and quality and now is a great time for buyers acquire their new home.
“Our sales consultants can help advise on the properties available for completion before the end of March 2021 and how buyers can be in the best position to proceed so they don’t miss out.”
Contact details for each of the PJ Livesey marketing suites can be found on the developments page of the website.