Housing is in the spotlight with the November Budget, with £15.3 billion new financial support for house building over the next five years, with the Government setting aside £1.2 billion to buy land and £2.7 billion for related infrastructure. The Government also announced plans to create five new so-called ‘garden’ towns, and a headline-grabbing cut in stamp duty for first time buyers.
Springtime is traditionally the busiest time for the property market, but with a knotty problem affecting more homes than ever, it’s worth doing some horticultural homework before you start, whether you’re buying or selling.
You will no doubt recall that following Brexit the ‘Remainers’ predicted that property prices would crash and we would be thrown into another era of property repossessions, negative equity and stagnant housing market. The foreboding predictions have not happened and whilst they may have been avoided in the short term, this does not mean we are out of the woods yet.
Buying and selling homes is well-regulated in this country and you should be well-protected if you use a competent Solicitor.
This is something to consider urgently if you are a landlord, you are considering buying to let, or even of buying with friends.
Equity release sprang to prominence ten or fifteen years ago and provides an opportunity for older people wishing to fund their retirement.