Raeside Chisholm Solicitors Blog

The figures provided by the Office for National Statistics show that the average UK house price climbed by 4.7% in the year to the end of September, hitting a record high.  It is believed that pent up demand and the LBTT relief (Stamp Duty in England) are likely to be among factors that have driven up the increase in typical values.

According to property website Rightmove, home buyers are looking to escape crowded cities and big towns by moving to the country or the coast.  They have said that searches have doubled for homes in small towns and villages with populations less than 11,000 people and went on to say that seaside resorts have seen the biggest rise in sales. 

Notwithstanding the further restrictions imposed earlier this week, you are still allowed to move home.  However, the process of finding and moving into a new home is likely to be different, as all of those involved in the process will need to adapt practices and procedures.

If you were considering buying your first home before the coronavirus pandemic, we understand you may feel confused and unnerved at the prospect of starting your search again. With cautious lenders and many buyers and sellers dealing with a change of circumstance, buying conditions will likely be more difficult as we move out of lockdown.

The number of house hunters as soared since the lockdown restrictions have been lifted and since the announcement with regard to Land & Building Transaction Tax relief. Whilst this applies throughout the UK a recent analysis of data provided by Countrywide shows that the increase in buyer interest has been greatest in Scotland, and across all prices, the number of buyers registering interest in properties has increased by 77%. The data also shows that throughout the UK about 30% of all sales are ending in competitive bidding with three or more prospective buyers and again, the place with the highest number of bidders is Scotland.