East Midlands law firm Smith Partnership Solicitors expects June to be its busiest month this year for property purchases as rising mortgage rates fail to deter buyers.
Latest data from Rightmove has revealed the number of buyers enquiring to estate agents about properties for sale over the last two weeks was 6% higher than the same period in 2019 before the pandemic.
Julie Tomasik, head of conveyancing at Smith Partnership, said that trend was certainly being replicated at Smith Partnership Solicitors, which has offices in Derby, Leicester, Burton, Swadlincote, Stoke and Ashby.
“Amidst all the doom and gloom forecast for the property market, it has been great to pick up on some positive survey results which are having an impact here at Smith Partnership.
“We are on target for June to see our busiest month for new instructions so far this year.
“This is backed up by the RICS’ latest Residential Market Survey which recounts new buyer demand in May was the most upbeat in a year and new data from Rightmove which has revealed the number of buyers enquiring to estate agents about properties for sale over the last two weeks was 6% higher than the same period in 2019 before the pandemic.”
The interest in buying properties comes despite national news stories that the average two-year fixed-rate mortgage is reaching 6%. But Julie said there are many reasons which could be contributing to buyers not being put off.
“There are lots of reasons why people still want to buy their first house or move to a new one,” said Julie.
“The average cost of renting has risen, jumping 10.4% in a year and the average UK tenant now spends more than 28% of their pay before tax on rent, as reported by the BBC. First time Buyers may well therefore be considering getting onto the property ladder now is a good move, despite the recent rises in interest rates. Sellers may well be more realistic with pricing when negotiating with a First Time Buyer with a mortgage agreed in principle and no chain to cause delays.
“There are prospective Buyers who sold during the SDLT holiday and who are still in rented, waiting for new houses to come to market and make a good deal. Many of these are ready and waiting as soon as a suitable property becomes available.
“Life often dictates change, new job, schooling requirements, downsizing and these events prompt a house move, whatever the market conditions.
“At Smith Partnership we have an experienced team ready to talk you through the conveyancing process and guide you on what is generally considered one of the most stressful times, in order that your move can be accomplished in a timely and efficient way.”
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For more information email Kirsty@penguinpr.co.uk or call 07970627385.
