More first-time buyers in the UK acquired homes in 2017, thanks to the governments Help to Buy scheme, according to UK Finance.
Competitive mortgage deals and stamp duty cuts likewise helped housing deals reach 365,000, up 7.4% year over year. The figure represented a record-high in more than 10 years.
Despite the Brexit and a shortage of homes, first-time buyers remained undeterred in their pursuit of owning a house last year. Some cities, including London, have registered slower growth in house prices. If you are planning to buy homes in the UK, a property stamp duty calculator will help you determine how much you need to pay for taxes.
While the London market seemed to be in price growth slowdown, properties in other major cities have become more expensive. According to property portal, Zoopla, home values in Sheffield have risen at 5.63% in the last 12 months.
Glasgow ranked the second fastest growing property market with 5.38% increase in prices, followed by 4.49% in Manchester. In London, home prices only rose 1.54%. However, the capital continued to be the market with the highest portfolio value.
The combined amount of homes in London reached more than £1.50 trillion, which was far higher than Bristol’s £115.21 billion housing portfolio. Even if all housing portfolios in nine major cities are combined, it would still be less than the value of properties in the capital, Zoopla noted. Still, the rate of value appreciation in some cities indicate that they could become the next investment destinations.
Tax cuts spurred growth in first-time buyers’ activity yet knowing an estimated figure will be extra useful in setting a budget for a home purchase.