With the mini budget, U-turns, the new budget and the constant barrage of news and predictions, you can be forgiven for being a little confused about the UK economic climate, and especially the housing market.
But, if you were considering a new home, now is a very good time to make the move.
One of the few positive elements of the mini budget to survive the change of Chancellor was the stamp duty shake-up. Under the new rules, no stamp duty needs to be paid on homes up to £250,000 and for first time buyers, that threshold rises to £425,000. That’s a huge saving for many buyers.
And although interest rates have risen, they are still at some of the lowest levels we have seen when viewed over the past 40 years and there are more than 3000 mortgage products on offer from a wide range of lenders. That includes some green mortgages which can only be secured by people buying new homes with a high energy efficiency rating like the homes Kellen Homes builds.
And despite the financial market’s uncertainty over the past few weeks, the housing market is remaining buoyant with property website Rightmove reporting that average house prices rose by 0.9% in the month to October 8th 2022 – reflecting the shortage of homes available on the market as a whole.
Plus, new homes have the huge advantage of being much more cost effective which is an important consideration as the cost of living continues to rise.
Kellen Homes Head of Sales and Marketing, Mollie Tomlinson, said: “There has been lots of media coverage and changes to the financial picture, but the savvy buyers know that a new Kellen home is a great investment for the future. They are more cost effective to heat and run, high quality and they qualify for green mortgages which often have better interest rates or offer good cash back deals.
“We currently have a range of two, three and four-bedroomed homes available and seasonal deals to help support buyers. Now is a good time to buy.” Find out more at www.vernongardens.com
