Arnside and Kirkby Lonsdale are in the top 8 places to live in the North-West according to The Sunday Times Best Places to Live 2021!
So, what did they think?
Continue reading » “The Sunday Times Best Places to Live 2021”
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The Budget
Like I am sure many of you, we have been looking at the implications from the Budget announcements on Wednesday, and like us, I suspect most of you thought it didn’t hold too many surprises, given the government’s recent pattern of ‘leaking’ information ahead of time, and then confirming their plans.
Whilst there were lots of very big (and quite scary!) numbers, certainly in terms of the country’s debt, following all of the various support packages for the pandemic, there were also a number of very positive and encouraging signs, with the economy predicted to rebound to pre-covid levels later this year, as the vaccine rollout continues, and life get back to some sort of normality.
Stamp Duty Holiday Extension
Whilst we are technically still awaiting confirmation in next week’s Budget, I am sure many of you will have seen the news that the government have decided to extend the current ‘Stamp Duty Holiday’.
Chancellor Rishi Sunak is set to push the March 31st deadline back a further 3 months to the end of June, and although it has not been confirmed whether this extension will encompass ‘new buyers’ or just those already in involved in a sale who fail to meet the current March 31st deadline (which is currently estimated at over 100,000 transactions!), it will be welcome relief to many (including thousands of solicitors and conveyancers!!).
Economic Update
Those of you who are regular readers of our updates, will remember us mentioning our friendly behavioural economist Roger.
During the first lockdown, he was flying in the face of all the doom mongering media and their predictions for a long recession, and instead telling us we were all in for a huge rebound, following the pent-up demand, with everyone starting to spend again as lockdown eased.
As Roger often puts it himself, he is “…broadly right, the majority of the time…”, and certainly in property terms, it appears this was another of those occasions!
Strange Times…
We are indeed in remarkable times – life changing, very sad, hopeful, frightening, unprecedented (in most people’s lifetime) – and all at the same time!
There are also an increasing number of positive stories staring to circulate; hope around vaccination, schools reopening (yes please!), holidays, and the economy rebounding.
The local property market (both Sales and Lettings) here in our beautiful part of the world are also experiencing unprecedented demand, and can be described with confidence by the word ‘vibrant’ (can you tell I have been helping with home schooling?) – so much so, that some new listings are attracting more than one buyer (six on one home!) who are ready willing and able to proceed, and we are receiving multiple applications on nearly all of the new lettings properties going live!
Rental Property in High Demand!
With all the uncertainty over what we can and can’t do during the latest lockdown, and the various rumours floating around over whether restrictions are going to be tightened or lifted, it’s easy to forget people still need somewhere to live.
In our lovely part of the world, the rental market is seeing huge numbers of people looking for a new home to rent. Indeed, just this week, within 48hrs of putting a couple of properties live on the market, we were inundated with over 70, yes 70, enquiries! (Needless to say, the properties were let the following day!)
You can still move home!
Another national lockdown is in place, but as with the second lockdown in Autumn, the government have decided to keep the housing market open.
As before, and with the right precautions and procedures in place, we are able to assist those thinking about making a change, and wanting to move home.
We are able to show people around the fabulous homes we have for sale and to rent, and come out to give advice and guidance to those and wanting to buy, sell, rent or improve their home.
In line with government guidance, and with the health and safety of those involved always in mind, we can continue:
Congratulations to all of the winners
Thank you to everyone who entered our annual Christmas Gingerbread House Competition!
We have been amazed at the high standards, and dedication that went into making the fabulous houses (and in some cases gardens and outbuildings!).
Mortgages, Covid and Furlough
Like all businesses, Mortgage lenders are having to adapt to new ways of working with Covid 19, and each has responded differently, altering the way in which they do business, or making changes to their product ranges and lending criteria.
Lenders have a duty to ensure they lend responsibly, and many have changed the amount they will lend to customers.
There are currently far fewer options when borrowing over 85% of the property value, and borrowing over 90% can be particularly challenging.
Some lenders have introduced family assisted mortgages, which are designed to help first time buyers, and could be a great option for some.
The threat of a further downturn in the economy, and borrowers potentially being unable to keep up repayments on their mortgage is obviously a concern for lenders, and this is a particular issue for customers who are applying for a mortgage and whilst on the furlough scheme.
Lockdown with a Difference
Another national lockdown is in place, but this time round there are some significant differences to earlier in the year, and we are all trying to fathom out exactly what it means for each of us, and more importantly how it will impact our lives!
One of the big differences within the world of property is that, while we still had a small team in place throughout the first lockdown, looking after the hundreds of properties we manage for clients, we were unable to show people around the fabulous homes we have for sale and to rent, or indeed come out and give advice and guidance to those thinking about making a change, and wanting to buy, sell, rent or improve their home.