Liverpool see the biggest gains in house price growth
Liverpool has seen the biggest gains in the housing price market during the past 12 months with the strongest house price growth of +5%, compared with the average across the country of +1.8%, while property values across London and the south have slipped by -0.5% during the same time period.
The effect of successive government tax changes over the last 4 years, coupled with evolving affordability across much of the UK’s largest cities has contributed to the percentage range variation on house price growth. Together these factors have had an impact in limiting the number of buyers into the housing market, this in turn has led to a weaker demand, slower price growth and in some cases price falls.
A research published by Zoopla says there remain pockets of affordability for people looking to enter the housing market with Liverpool leading the way as the most affordable city in the UK.
The impact of affordability in the housing market for a first-time buyer during the past three years, is highlighted by the fact that a typical gross income for a first-time buyer looking to purchase a property in a city had risen by £4,500 to £54,400, an increase of 9%. By contrast in May 2019 a first-time buyer in Liverpool would require an average gross salary of £26,000, compared with £84,000 for people stepping on the property ladder in London.
First Time buyers ‘Help to Buy ISA’ scheme
To assist with getting on the property ladder first-time buyers are able to take advantage of a government scheme, called the ‘Help to Buy ISA’ scheme.
So if you are saving to buy your first home, by saving money into a Help to Buy ISA the government will boost your savings by 25%, so for every £200 you save, you will receive a government bonus of £50. The maximum government bonus you can receive is £3,000. It is advisable that if you are planning on opening an account you will need to do it sooner rather than later, as the scheme is only available until 30 November 2019.
Stamp Duty Relief
First-time buyers are also able to take advantage of the stamp duty relief which has been in available since November 2017, those purchasing their first home for £300,000 or less will pay no Stamp Duty Land Tax.
Paul Crowley experienced and dedicated conveyancing team
Paul Crowley & Co’s conveyancing department has recently undergone a shift in management with Head of Department, Jenna Gall returning from maternity leave. Jenna along with her experienced and dedicated team are available to assist you with your purchase and getting your foot on the property ladder.
Jenna says: ‘If you are a first-time buyer or an existing home owner looking to move to a newer property, our experienced team of conveyancers, will be happy to provide you with a very competitive free no obligation conveyancing quote, call us on 0151 264 7363.’
Head of Conveyancing
What we quote is what you will pay
We will explain and guide you through the whole process and what we quote is what you will pay, there will be no hidden fees when it comes to completion.
Call us for a Free No Obligation conveyancing quote
To obtain your Free No Obligation conveyancing quote please give our conveyancing department a call on 0151 264 7363 and see what we can do for you.
WHAT TO DO NEXT…
Follow us on social media
Keep up-to-date with Paul Crowley & Co by following us on social media! Tweet us or message us on Facebook: