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New housing measures promised to boost home ownership

The government has announced a series of new measures to help more people onto the property ladder.

Estate agents Paveys have welcomed the news, saying that it will help to increase demand for homes.

The measures include:

– A new Help to Buy scheme, which will offer loans of up to 20% of the value of a new home to first-time buyers

– An extension of the Right to Buy scheme, which will help more council tenants to buy their homes

– A new scheme to help people who are struggling to get a mortgage

Paveys Estate Agents managing director, Matthew Pavey, said: “The government’s new measures will help to increase demand for homes and ultimately help to get more people onto the property ladder.

The policy is aimed at encouraging lower-paid workers to be able to use housing benefits to purchase a home—the Prime Minister wishes to modify the rules on welfare so that people who receive housing subsidies have the option of using it for rent or investing in a mortgage, effectively ‘turning benefits into bricks.’ To ensure that individuals on benefits can continue to save without their assistance being jeopardized, Johnson announced that Lifetime and Help to Buy ISA savings may be exempted from qualification criteria.

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Should you Buy or Sell First?

There are pros and cons to each buy or sell property first option. Here, we will take a look at each and help you decide which is the best choice for you. If you are looking to buy a new property, it may be in your best interest to sell your old one first. This will give you the financial stability you need to make a down payment on your new home. If you are looking to sell your property, it may be wise to buy a new one before putting your old house on the market. This will give you some security if your home does not sell right away.

Ultimately, the decision to buy or sell the property first depends on your individual situation. If you have any questions, be sure to speak with a professional estate agent. They will be able to help you make the best decision for your needs. Thanks for reading! We hope this was helpful.

Should you buy or sell your property first? The answer may depend on your unique situation and what’s most important to you. Here are a few things to consider when making your decision. 

If you’re looking to buy a new property, selling your old one first could give you the financial stability needed to make a down payment on your new home. 

On the other hand, if you’re wanting to sell your property, buying a new one before putting your old house on the market could give you some security if your home doesn’t sell right away. 

When it comes to buying or selling a property, there is no one-size-fits-all answer. The best course of action depends on your unique situation and what’s most important to you. Here are a few things to consider when making your decision:

If you’re looking to buy a new property, selling your old one first could give you the financial stability needed to make a down payment on your new home.

On the other hand, if you’re wanting to sell your property, buying a new one before putting your old house on the market could give you some security if your home doesn’t sell right away.

Ultimately, the decision of buying or selling the property first depends on your individual situation and what’s most important to you. If you have any questions, be sure to speak with a professional real estate agent. They will be able to help you make the best decision for your needs. Thanks for reading! We hope this was helpful.

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Six Ways to Sell Your Home in Uncertain Times

It’s no secret that the housing market is uncertain right now. Home prices are bouncing up and down, and it can be difficult to know what to do if you’re looking to sell your home. Don’t worry, though! We’re here to help. In this blog post, we will discuss six ways to sell your home in uncertain times. Keep reading for more information!

If you’re thinking of selling your home, the first thing you need to do is figure out what your goals are. Are you looking to sell quickly? Or are you more concerned with getting the best possible price for your home? Once you know what your goals are, you can start to look at different options for selling your home.

One option is to sell your home through an estate agent. This can be a good option if you’re looking to get the best possible price for your home. Another option is to sell your home yourself. This can be a good option if you’re looking to sell quickly, or if you’re not concerned with getting top dollar for your home.

If you’re looking to sell quickly, another option is to list your home on an online marketplace like On the Market or Rightmove. This can be a good option if you’re willing to accept a lower price for your home.

If you’re not in a hurry to sell, another option is to wait for the market to rebound. This can be a good option if you’re patient and you’re not concerned with getting top dollar for your home.

Finally, if you need to sell quickly and you’re not concerned with getting the best possible price, you can always consider selling your home at auction. This can be a good option if you’re willing to take a risk and you’re not worried about getting the best possible price for your home.

We hope this blog post has been helpful! If you have any questions or concerns, please don’t hesitate to reach out to us.

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Stamp Duty Holiday: What has changed?

Properties In Clacton, Essex - Paveys Estate Agencies

The 2021 stamp duty holiday announced by the UK government has come to an end. From now on, home buyers in England and Northern Ireland will have to pay Stamp Duty Land Tax (SDLT) on properties worth more than £250,000. The changes come into effect from 1 April 2021.

The main change is that the nil rate band for residential properties has been reduced from £500,000 to £250,000. This means that buyers of properties worth more than £250,000 will have to pay SDLT at the standard rates.

The other change is that the 5% rate for second homes and buy-to-let properties has been rested. This means that buyers of second homes and buy-to-let properties will have to pay SDLT at the higher rate of 5%, rather than the standard 3%.

The changes mean that the stamp duty holiday has effectively come to an end for most home buyers. The only people who will continue to benefit from the holiday are those buying properties worth less than £250,000.

If you’re planning on buying a property in England or Northern Ireland, it’s important to be aware of the changes to the stamp duty rules. Make sure you budget for the additional costs, and speak to a solicitor or conveyancer if you have any questions. This means that buyers of second homes and buy-to-let properties will have to pay SDLT at the higher rate of 5%, rather than the standard 3%.

The changes mean that the stamp duty holiday has effectively come to an end for most home buyers. The only people who will continue to benefit from the holiday are those buying properties worth less than £250,000.

If you’re planning on buying a property in England or Northern Ireland, it’s important to be aware of the changes to the stamp duty rules. Make sure you budget for the additional costs, and speak to a solicitor or conveyancer if you have any questions.

What changed for buyers on July 1st?

The stamp duty holiday was introduced back in July last year (2020) and it meant that buyers didn’t have to stump up any stamp duty land tax on the first £500,000 of their home purchase. That all changed last Thursday.

Now, the £500k relief has been brought down to £250,000, and the following reduced rates apply:

  • £0 to £250,000 = 0%
  • £250,001 to £925,000 = 5%
  • £925,001 to £1,500,000 = 10%
  • £1,500,000 and over = 12%

These rates will remain in place (unless further changes are announced by the government) until September 30th 2021. From October 1st onwards, they will return to their pre-July 2020 levels, which means the nil rate band will drop back down to £125,000.

So, from October 1st 2021, the stamp duty rates will look like this:

  • £0 to £125,000 = 0%
  • £125,001 to £250,000 = 2%
  • £250,001 to £925,000 = 5%
  • £925,000 to £1,500,000 = 10%
  • £1,500,000 and over = 12%
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5 Tips For Moving House

Are you planning on moving house? Here are five tips for moving to help you along.

Tip #1: Label Your Boxes

Box labelling is a vital part of the packing (and unpacking) process. It lets you see where your boxes need to go without having to open them up and check first, saving you a massive amount of time in the process.

Tip #2: Declutter In Advance

A cluttered home makes moving exponentially more complicated than one that doesn’t have any clutter in it. Moving out of a relatively sparse home involves less packing or rummaging around for things you want to take with you. Start the decluttering process now to avoid wasting time and money transporting belongings you don’t want or need. 

Tip #3: Consider What You Can’t Move

Some items, like grand pianos, need specialists who understand how to transport them safely. Make a list of all of the items in your home that you can’t move yourself to avoid difficulties on the day. 

Tip #4: Organise Your Utilities

Make sure you tell your utility providers you’re moving out, so you don’t end up paying bills for somebody else. 

Tip #5: Clean Up

After you’ve moved everything out, leave time to clean up before the new occupants move in. 

BONUS: How To Prepare Your New Home

  • Change the locks. You do not know who might have a set of keys for your property and be able to access it at any time. 
  • Set up the security system
  • Turn on the utilities – both the water and the electricity

Check our blog for some more fantastic articles!

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Does Autumn Affect The Property Market?

Autumn is essentially the end of the hottest season of the year for selling and buying property. That’s true both literally and figuratively. The buying and selling season begins in late spring and rapidly comes to a close towards the end of summer.

So, by the time you reach Autumn, people are becoming more desperate to get their home sold. This tends to be the time when asking prices tend to drop. It’s also the point where you can find great deals on the market. You can make sure that you are able to find your dream home for significantly less.

autumn property market

You may also find there is a lower level of competition to buy through autumn. There are certainly less people searching the property market for their dream home.

However, there are also less people selling. This can make finding the property that you want to purchase more difficult. You might struggle to discover a property that you love, even as prices begin to decline.

Autumn also means the evenings are getting darker. That’s an issue for home viewings as you’re less likely to be able to get to a property to see it during the day. This can make it more difficult to know about issues with lighting or other variables that impact whether people want to commit to a sale.

Finally, if you purchase a home in Autumn, you are more likely to be moving through the winter season. The weather can make this far more challenging and evening more expensive.

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Top Tips For Saving For Your First Home

Thinking about buying your first home? You’re probably trying to figure out how you can save up enough to make the purchase. Well, here’s a quick guide to saving for your first home that you will find useful:

Choose a good savings account

Firstly, you need to ensure you get more from your savings. Standard savings accounts aren’t very good as the interest rates tend to be poor. Instead, open a Help to Buy ISA, and you’ll enjoy far superior interest rates. Plus, the government runs a scheme that boosts your savings by 25%. Instantly, this little switch will mean you save more money thanks to interest.

Set up a standing order

Having a good savings account isn’t enough to help you save up for that mortgage deposit. You must remain consistent with your savings. To do this, set up a standing order that automatically deposits money in your savings whenever you want.

Look at your monthly bank statements and work out how much you can afford to save every month. As long as you have enough left to pay for bills, food, and the odd treat, then you’ll be fine. Save the rest, and you’ll reach your goal quickly.

Check out Help to Buy schemes

We already mentioned a Help to Buy ISA, but there are other Help to Buy schemes as well. One scheme lets you buy a home with just a 5% deposit. This means you have to save a lot less than the usual 20%. Here, you effectively take out an equity loan that buys the property for you. You can buy as little as 25% of the home, then pay the remaining 75% as rent. Eventually, you’ll own the house entirely.

Check out these ideas if you’re struggling to save for your first home. They should help you reach your target quicker and get your hands on a new set of keys.

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5 Ways to Prepare your Home for Sale

Preparing your home for sale is a necessary part of the process. This is a detail that can make the difference between selling the house and watching it stay on the market. Having a property for sale is already a big deal, and with these five tips below, you can prepare to sell your home on the property market smoothly.

Get Cleaning

A clean house will sell faster than a messy one, and that includes clutter – not just dirt! Making a good impression with buyers is essential, and the fastest way to get that impression imprinted in their minds is with a clean house.

Impersonal Is Key

Take out all the personal clutter. Photos and mementos that are personal to you should be taken out of the house when you show prospective buyers around. They need to envision THEIR home; not yours.

Touch Up

If you need to repaint the walls, the time to do it is now before you start bringing buyers through. Touching up the paint can make the whole place look much fresher, which will help in your sale.

Declutter

We mentioned cleaning and decluttering, but you need to empty your house of as much clutter as possible before viewings. Buyers need to see it as their house and the potential it has; which means the piles of laundry need to disappear!

Open The Space

Temporarily remove some of the overflow furniture from your house so that you create an emptier, more open space. This will make it look bigger!

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How Do Estate Agents Value a Property?

Whenever you are selling or buying a house, it’s important to think about the main factors that an estate agent will consider when putting your property or your potential house on the market. Here is a list of just some of the ways they decide:

Curb appeal

What does the property look like from the outside? Does it have a nice front garden/doors/windows? Is it on a main road? All of these will be taken into consideration when an estate agent prices up a house. It’s all about first impressions, so if the house is not aesthetically pleasing from the outside, it may turn buyers off. However, this also appeals to the interior, as for a larger price it will be more spacious, modern and have unique features within it.

Transport links

Especially essential if you have to commute to work, they will take into consideration what the transport links are like in the area. If the property is in the middle of nowhere and it is hard to get to a train station, for example, it will be priced considerably lower.

Catchment areas

To make the property appealing to families, the estate agents will check if it is in a school catchment area. A sought-after catchment area that is surrounded by schools is very appealing to families – therefore the house will be priced higher.

Neighbourhood

If the house is placed in a lovely neighbourhood, with picket fences and not a lot of traffic, undeniably the price will be high. If it’s on a main road, in a run-down estate or next to a pub, it will be lower.

Local amenities

What are the local amenities like? If it is within an area with lots of upmarket shops and restaurant, the area is considered to be more affluent, therefore the value of the property will go up. If it is in the country with no shop in sight, no matter what the size of the property, it could be priced low.

Find more Property resources on Paveys Blog Page.

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Estate Agent Terminology

When speaking with an estate agent, you can sometimes run into a language barrier. Estate agents will often use terminology that you haven’t come across before, leading to confusion. In this article, we’re going to take a look at some of the terms that might crop up in your next interaction with an estate agent, and what they all mean.

Freehold

There are two types of ownership of real estate in the UK: freehold and leasehold. Freehold is what we typically think of as property ownership: a person owns property forever, and it gets passed onto their next-of-kin when they die, according to their will. Leasehold is a different type of ownership. This is where a landlord “leases” ownership of a property to a person for a set period that will eventually end. (Leaseholds often last more than a hundred years and are more common in shared private dwellings, like blocks of flats).

Initial Term

An initial term is the first part of the tenancy.

Guarantor

Somebody who says that they will pay the landlord if the tenant cannot.

Buy-To-Let

Where a person invests in a property to rent it out to somebody else.

Tenant Arrears

When the tenant owes the landlord rent from previous months.

Chain

A chain refers to the sequences of buyers and sellers exchanging properties in a single transaction. The people buying your property have to sell to another group of people who, in turn, must sell to another buyer and so on.

Conveyancer

Somebody who deals with the legal side of selling a property.

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What Are Estate Agent Fees?

An estate agent fee is money you pay to an estate agent for help selling your home. You don’t have to pay estate agents at all when selling your home if you decide to sell privately and do your own advertising, but you could find it difficult to find buyers.

How Do Estate Agent Fees Work?

If you are buying a property, you do not pay estate agent fees. If you are selling a property through an estate agent, then you will have to pay a fee when the property sells.

How Much Are Estate Agent Fees?

As in any industry, the prices that different companies charge can differ substantially. Most estate agents in the UK charge between 0.75% and 3.5% of the selling price of the property. So, for instance, if the estate agent fee is 2.00% and you sell your home for £450,000, then you’ll pay the estate agent £9,000 in costs.

Sometimes, estate agents will quote fees without including VAT, which they are legally obliged to collect. If the estate agents fees are not inclusive of VAT, then you’ll have to pay an additional 20 per cent in sales tax. In the above example, the total paid will be £10,800.

What Do You Get For Your Money?

Why pay an estate agent? What do you get for your money?

  • Have them deal with the paperwork
  • Advertise your home for sale at their offices and via the internet
  • Negotiate with buyers
  • Work together with your solicitor to ensure legal protection
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Process for Selling a House

Selling a house can seem like a significant undertaking. But you can break the process down into several smaller steps, each of which is relatively straightforward. Let’s take a look at the process of selling your home.

Step 1: Decide Who Will Sell Your Home

When it comes to selling your home, you have a number of options for who will sell it.

  • Private Sale. A private sale is where you take responsibility for advertising your property for sale.
  • Estate Agent. Estate agents can help you sell your property by advertising it to people in the market for a home, but you’ll have to pay a fee.
  • Online Estate Agents. Online options can be cheaper than traditional estate agents.

Step 2: Price Your Home

Your home is unlikely to have the same value as when you bought it. You can have your property professionally valued, or you can guess an amount yourself based on prices in the surrounding area. Professional valuation ensures that you do not sell your home for too little.

Step 3: Prepare Your Home

Once you’ve advertised your home, people will want to visit. Follow good housekeeping rules to make your home as appealing as possible.

Step 4: Negotiate Contracts

Once somebody commits to buy, you’ll have to exchange contracts including details about what is included with the home (fittings etc.). Then you’ll transfer contracts at which point the buyer is legally committed to buying.

Step 5: Complete The Sale And Move Out

Once the paperwork is done, all that’s left to do is hand over the keys and move to your new home.

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Things to Look For When Buying a House

Buying a house is a big expense so it has to be right. Like your wedding day, there are months of planning, stress and the really big payoff. When buying a house, you need to look out for certain things to make sure your purchase is right. Check out our top tips for purchasing your house, whether it be your first purchase or you have purchased before.

1. Check out the roof and outside of the building

Before you rush inside, take a look at the outside of the building. Check the roof, is it old or new? Does It need repairing? Have a look at the brickwork of the house and see for any slip tide or cracks in the walls.

2. Don’t judge a book by its cover

When walking around the property, try to imagine it as black and white. You will kick yourself if you do not buy the house just because of one room and how it looks. Don’t forget you will be the proud owner of your house and you will be able to change everything about it. The structure of the house is more important. Check for loose wires, damp & mould, aging boilers and heating systems

3. Touch everything

When walking around the house, touch everything. The bannister, walls, door handles, light switches, you name it – touch it! Buying a house is a huge expense so you need to learn how things work in the property from the get-go. If any problems do arise you can look at some cost-effective solutions.

4. Get a home inspection completed

You will want to ensure that the property is tip top. You can only tell so much from your own senses. Instruct a property surveyor to check not only your home but the home that you are looking to buy.

5. Take the internal house temperature

Sounds a bit crazy but check the temperature in the house. From that, you get a feel for what the utility bills could be like and whether you may need to invest more in the properties heating system. Your new house should feel cosy. Check the insulation in the roof. Again, this can reduce the monthly living costs and keep you comfortable in both the summer and winter.