There is no doubt the housing measures announced during the March Budget have stimulated activity in the housing market across the country. However, at Country Properties, we are interested in local matters, and if you want insight into how these measures shape buyer behaviour in Baldock, we can help.
The two key measures announced in the March Budget include:
- The extension of the stamp duty holiday
- The introduction of the small deposit mortgage guarantee scheme
The small deposit mortgage guarantee scheme is available to first-time buyers, and existing homeowners, so all buyers can benefit up to a certain price. Property purchases must be no higher than £600,000 to benefit from the scheme.
“Properties in Baldock had an overall average price of £327,179 over the last year.
The majority of sales in Baldock during the last year were terraced properties, selling for an average price of £342,473. Semi-detached properties sold for an average of £360,238, with flats fetching £178,562.
Overall, sold prices in Baldock over the last year were similar to the previous year and 3% up on the 2018 peak of £318,950.”
Therefore, if you are looking to buy property in Baldock, and you wish to benefit from the small deposit mortgage guarantee scheme, you should be able to.
Buyers in Baldock can still save money on a property purchase
You also have the average price of flats coming in at £178,562. This is beneath the £250,000 nil band rate, which will exist for stamp duty between July and the end of September. The tapering period is to assist the market manage property transactions as much as the consumer, but some buyers in Baldock have a chance to lower the cost of moving home in the next few months.
Andrew Harvey, chief economist at Nationwide, said: “We have seen a significant widening in the gap between the least affordable and most affordable regions. London has been the least affordable region for most of the past 40 years - the house price to earnings ratio in the capital reached a record high in 2016 of 10.2 and remained elevated at 9.2 at the end of 2020. Scotland currently has the lowest house price to earnings ratio at 3.2, closely followed by the North at 3.3. Looking over the longer term, Northern England and Scotland have historically seen lower house price to earnings ratios than Southern England, Wales and Northern Ireland.”
Zoopla’s head of research, Gráinne Gilmor spoke about first-time buyers returning to the market. Gráinne said; “Our data suggests that first-time buyers are returning to the housing market. The level of interest from people looking to step onto the housing ladder was up 5% in the first six weeks of this year compared with the last three months of 2020. We’ve also seen a 18% increase in the number of sales agreed on homes worth between £100,000 and £250,000, a price band typically associated with first-time buyers, in the first seven weeks of this year.”
In line with Government guidelines, our Baldock Branch is open and our experienced team is working hard to support you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 895061 or 01462 742077, or you could email firstname.lastname@example.org or email@example.com