The Economist recently reviewed the “mini boom” in the UK property market, reflecting on the number of housing transactions that took place in July 2020.
Other media picked up on the story, not least the Guardian who reported similar data:
The consensus view is that pent-up demand, as well as the impact of the Chancellor’s cut in Stamp Duty has helped stimulate the property market. Time will tell how long the boom lasts!
The article also notes that lenders continue to offer attractive interest rates, but these rates are only available to lower loan-to-value borrowers who can provide higher deposits. Clearly nervousness over the length and impact of the current recession, weighs heavily on responsible lenders.
The opportunity to take advantage of the Stamp Duty holiday certainly represents a significant saving to some purchasers. Here at Tower Street Finance, our insight tells us that many individuals use their inheritance to pay for a deposit on a home: either first time buyers, or who those who want to trade-up in the property market.
Waiting for a probate process to complete can be a stressful challenge, especially when people need the liquidity from their inheritance, now more than ever.
Tower Street Finance can help, through the Inheritance Advance product, by providing an advance against inheritance of up to 60%. Advances are secured against the inheritance, with no personal credit checks and no recourse to the borrower in the event of any shortfall.
To find out more visit: https://towerstreetfinance.co.uk.