When there’s a property opportunity available we tell you, this blog is going to cover everything you need to know about the current status in the property market and excitingly for many the vast range of options you have as a first-time buyer or investor right now in Cambridge.
We’ll start this blog with a topic that’s been hot on the news over the last few months and certainly a massive debate in the property world, the stamp duty holiday. Many have capitalised on a great opportunity as the government launched its stamp duty holiday over the lockdown period. However, like all good things at some point they have to come to an end. This was the debate many were having as so thousands believe that it should not have to come to an end and that the government should extend this. The main reason behind this being there is a growing stigma around not being able to purchase your home unless you’re in the top few percentages of earners, with house prices rising especially in Cambridge and what can seem for many a never-ending list of hidden fees and extras. You’ll be glad to know that the stamp duty holiday has officially been announced to be extended until at least June 30th 2021. The reason I say at least is there are already ongoing debates to keep this going for longer to help many get onto the property ladder and it's already suspected there could be a further extension until September 2021. Although if the last year has taught us anything it’s that nothing is set for the future so we recommend jumping at this opportunity while you can as you will make a huge saving.
As we mentioned above the ongoing debate particular in the newer generation is how are they able to get onto the property ladder. This blog covers all the best tips on exactly how, although this is certainly not limited to a younger generation and will help all looking to make an investment. There has been a significant increase in properties on the market in the last few months that are offering deposits as low as 5% with numerous help to buy schemes. Despite this being a massive help, it doesn’t stop there, we’ve seen a huge increase in the number of lenders that are offering 90% mortgages. Despite the odd 5% scheme available, we have seen many of the 90% mortgages, meaning you only have to provide a 10% deposit. The way this would usually work with lenders is the bigger percentage they offer to lend you the higher the risk for them. However, with the everchanging world we’re living in it is becoming a clear risk and the leap of faith lenders are taking in you. Lloyds and Halifax bank are currently charging 3.54% for their 90% two-year fixed mortgage and charging 3.59% for five-years fixed. So already we’re looking at saving upwards of £15,000 during a stamp duty holiday alone, followed by an initial 90% mortgage meaning that you then only have to provide a 10% deposit.
We’ve highlighted some key opportunities in the property market right now but you may be thinking about how does that apply to a property market surge in Cambridge. Living and working in Cambridge as property experts we’ve been keeping a close eye on the market and monitoring any new trends we see to open up a host of opportunities for you, and we believe now’s the time to share and help you capitalise on that. Cambridge is a forever growing City, home to thousands and thousands of tourists every year pre lockdown and as we all know it’s a prestigious area to purchase property in. Cambridge prices are notably higher than surrounding areas but you’re paying for a property in a location that simply will not lose value. Since lockdown restrictions have been in place, we’ve seen Cambridge retreat into there homes for the vital safety of us all. However, by doing so businesses and opportunities have become quite until now. The government has announced its roadmap to freedom for us all in a safe manner and we can already see the growing interest and trends in many areas that people are beginning to look into new opportunities and get back to the fast pace lifestyle we used to live in. We’re already seeing ourselves that the interest in our available properties has rapidly grown since that announcement. There’s no doubt that from the current quiet state of Cambridge we’re in this is going to massively surge come June 21st. So, now’s the time to jump at an opportunity that realistically may never come back again. We’ve been living through a new piece of history so there’s every chance we may not see a stamp duty holiday, low deposit schemes or 90% mortgages when the world is back on its feet and thriving again, especially in a popular and prestige Cambridge. We’ve had properties be advertised since the announcement of our new roadmap that have gone within a day or two, and the interest around all of our current properties has grown massively as people begin to prepare for the future without lockdown restrictions.
We strongly recommend you think and act fast on a chance to get yourself onto the property ladder or as a landlord and investor capitalise on a very lucrative opportunity within the Cambridge property market. If you’re looking to invest in London the same principles will apply, you can read all about the London Property Market of today in our blog by clicking here.
If you’d like to discuss a potential investment opportunity or have a query then don’t hesitate to contact us for free advice.