24th September 2020
‘There’s never been a better time to buy a property in London’ says financial advisors
We are living in uncertain times, but according to property experts, what is for certain, is there has never been better time for first time buyers to enter the housing market.
A trio of crucial factors for homebuyers are changing London renters into London buyers. With record low interest rates for borrowers, the stamp duty holiday and the extension of the Help to Buy scheme – all available now to first time buyers and second steppers, owning a stylish new home in London is now a reality.
Andy Millard independent mortgage advisors Robert Sterling said: “There has never been a better time to look at getting a foot on the property ladder as a first time buyer. One of the only positive effects of the coronavirus pandemic has been the reduction of interest rates to their lowest levels in 400 years down to 0.1%.
“Low interest rates are typically good news for borrowers as mortgage rates are lower (with lenders competing for clients) and mortgage holders are likely to pay less on their monthly mortgage repayments. Low mortgage interest rates can make the prospect of buying much more appealing.”
Furthermore, buyers can make a further saving of up to £15,000 on a property bought for £500,000, taking advantage of the Stamp Duty Holiday until the end of March 2021.
Lovell Homes welcomed the Government’s decision to extend the current Help to Buy scheme for three months until the 28th February 2021. This has given housebuilders, impacted by Covid-19, more time to complete developments by the end of this year and for new build buyers to benefit from further financial support.
Regularly being described by customers at one of the top places to buy in Woolwich for all around value for money, Trinity Walk offers buyers an opportunity to buy into a landmark development in an area of London that offers exceptional outdoor green space, convenient transport links and a genuine community feel.
Lovell Homes sales manager, Lea Hudson, said: “Property hunters have been taking advantage of one of the best times to buy an apartment in London we’ve ever seen with
low interest rates, stamp duty holiday and the Help to Buy scheme available to support purchasers.”
Lea added: “We have seen the majority of first-time buyers take up the London Help to Buy scheme which allows them to secure a mortgage of only 55 per cent of the value of the property, with only a five per cent deposit.”
Trinity Walk is a collection of 445 new build one, two and three-bedroom apartments. Each new home has been built to maximise space and light as well as being finished with a high specification to ensure high levels of comfort, security and quality.