NOTTS: Low rates spark surge in house sales

More properties have been sold

More properties have been sold

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Mortgage rates at record lows and reforms to stamp duty appear to be boosting remortgages and house-buying in the area, according to Ollerton-based Jones & Co Solicitors.

Partner Emma Thompson says that a growing number of buyers instructing Jones & Co reflects an increased confidence across Nottinghamshire as well as the rest of the country.

Emma believes that people are choosing to make the most of low rates to move house, remortgage or get onto the property ladder and this is set to continue:

“With mortgage rates extremely low and some two year fixed rate mortgages at 1.19% interest, many people appear to be deciding that now is an attractive time to buy a property or re-mortgage. We are seeing this at Jones & Co in the number of new buyers coming through our doors.

“In addition to low mortgage rates, several new schemes including Help to Buy, have proved very popular in allowing people to take their next step on the property ladder.

“The prospects for first time buyers appear to be much better than they have been for years. Four years ago, sales to first time buyers had dropped to 16% of all sales, whereas the market is now seeing a 15% increase in the number of first time buyers.

“We’ve seen evidence of this ourselves at Jones & Co, with a significant increase in the number of conveyancing instructions across our offices. We are expecting the next few months to be busier than ever as people decide to make the most of the current conditions.”

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