Property for sale in Coventry: The search is on
After a period of stagnation when many people put their home moving plans on hold, the UK property market is gaining momentum again. Estate agents in Coventry agree that the current level of buoyancy is far more controlled than what was witnessed prior to 2007. With the Government, the Bank of England and mortgage lenders now measured in their actions – and with an economic recovery inching forward every month – confidence has returned and properties for sale in Coventry are in favour.
A unique buying and selling environment
Anyone thinking of purchasing a house for sale in Coventry is advised to understand the current market to be in the strongest buying position. Coventry estate agents are monitoring the flow of new stock coming on to the market compared with the number of buyers registering interest. This, along with a number of other property market factors, will shape a buyers’ approach.
The current property market can be broken down as follows:
First-time buyers are back
The number of first-time buyers entering the market has risen by 42% year on year*, claim LSL Property Services. First-time purchasers of starter homes and flats for sale in Coventry are essential to the market as they get chains moving and allow people to trade up to bigger properties. Without them, the market hardly moves.
Value-for money in Coventry
It’s possible to secure an entry-level property for sale in Coventry for less than £125,000 – which rings bells with first-time buyers and investors as properties under this price are stamp-duty exempt. Many good-quality houses for sale in Coventry are priced below £250,000 – a value that attracts the lower 1% stamp duty levy – with three-bedroom family homes in Binley, Eastern Green and Bannerbrook Park available for less than £200,000.
Better mortgage lending conditions
There’s also good news on the financial front thanks to an improved mortgage market. The Government-backed Help to Buy Mortgage Guarantee scheme is perfect for those with deposits of 5%, and its introduction has had a great side effect – sparking competition among lenders who all want to win borrowers’ business. As a result, a raft of new deals and more attractive interest rates have been introduced, which are open to all borrowers and not just those using Help to Buy.
The bad (well, not that bad)
The Help to Buy Mortgage Guarantee scheme is due to run until 2017, but the Bank of England could advise the Government to suspend the initiative if they feel it’s overheating the property market. In addition, all Coventry estate agents will agree that there’s not enough property for sale to go round. Their current drive is to persuade more homeowners to come to market and satisfy buyer demand.
The ugly – competition from other buyers
One national newspaper reported that eight buyers are chasing every home and up to 60 potential buyers are turning up to ‘open house’ events. While these figures will vary from region to region, the demand for property for sale in Coventry is high. The first step for any buyer is to register directly with Coventry estate agents. This will ensure any new instructions are shown to potential buyers before they are mass marketed. It’s not good enough to rely solely on the property search portals as many homes go under offer before they even make it online. Buyers should make themselves as attractive to vendors as possible by:-