How Has The Property Market in Grantham Changed?

22nd July 2023
Home > News > How Has The Property Market in Grantham Changed?

Jason Lee MNAEA FNAVA gives a quick guide into our local market.

Today’s Property Market Is Completely Different To The Market Of Two Or More Decades Ago

 

If you’re a first-time buyer in Grantham, your first thought may be to ask your close family and friends for their advice about purchasing your first property. However, the property market today is completely different to that of two or more decades ago. In fact, the property market is constantly changing, and any advice that parents or grandparents give is likely to be hopelessly outdated.

Due to the differences, some people you talk with may struggle to understand the process you’re going through, resulting in conflicting opinions that could cause you confusion. Your local estate agent in Grantham is always going to be your best first point of contact, and with this in mind, our expert team at Secure My Sale Estate Agents have put together some great advice to help you understand the property market in Grantham (and maybe even explain how times have changed to the older generation!)

 

Property Prices Don’t Rise Like They Once Did

 

The first major difference between the property market twenty years ago and today is that prices simply don’t rise like they once did. Between 2000 and 2005, property values doubled nationwide, leading people to believe that when they buy their own home, the property value will increase significantly without fail. Unfortunately, this isn’t the case. While prices are still rising, since 2005, property values have only risen on average by about 3% annually.

 

Renting Gives You Flexibility

 

In the 90s, finding a quality rental property was almost impossible. There were few laws in place to safeguard tenants, unlike today, where strict regulations and rules have been introduced. Older generations were, therefore, conditioned to believe that buying a property was the only real option if you wanted to find a decent place to live, and it can be difficult to convince family members that these days, renting represents a flexible and reliable option when you need time to save up a larger deposit.

 

Incentives From The Government

 

Several decades ago, there was no support from the government for first time buyers to get onto the property ladder, indeed, that kind of support was rarely needed. Today, schemes like Shared Ownership, First Homes, and Help To Buy have been introduced and are a useful way of getting onto the property ladder, so are well worth considering.

 

Carrying Out Checks

 

Many properties in the UK were built before the Second World War, so making the necessary checks on any property that you want to make an offer on is essential. This is particularly important for leasehold properties.

You should check the lease length, ground rent, and service charges, as well as any significant works that may be required.

Older flats typically were built with a 125-year lease, so in the past, few people had any concerns that their lease would dip below the 80 year limit, which makes it harder to get a mortgage. Today, though, any leashold property that was built before the 1980s may have too short a lease left to make it a worthwhile purchase.

 

Time It Takes To Buy A Property

 

In the past, purchasing a property could be a fairly quick process. Today, that’s not always the case. There are many checks to carry out – not only on the property itself but also on the buyer, with fraud and identity checks being required by legal companies, brokers, and lenders. Sellers are required to supply considerably more paperwork and information than they once did, meaning a property purchase could take around three months or more to complete.

 

Getting Reliable Advice

 

One thing that hasn’t changed in the past few decades is the need for reliable advice from a team of trusted estate agents. Here at Secure My Sale Estate Agents, we’re experts in the Grantham property market with a long history of helping first-time buyers and a local family business.

 

Call us today on 01476825258 or use the technology that wasn’t available to previous generations by visiting our website at www.securemysale.co.uk to find out more! We offer fantastic deals for those selling and buying locally and provide free no obligation market appraisals.


Share this article
  • icon
  • icon

Related News Articles

FIVE SUMMER TRENDS IN YOUR GRANTHAM GARDEN

Summer is now (finally) upon us, and it’s time to get outdoors and flex those green fingers. But which garden trends are popular this year? The team at Secure My Sale Estate Agents love a bit of gardening and have been keeping on top of the latest designs and looks in Grantham! So, what's popular this year?  We've come up with five key summer garden trends for homeo...

06/07/2024
CHOOSING THE BEST LETTING AGENT IN GRANTHAM?

If you’re a new or inexperienced landlord, or you simply don’t have the time to manage your property, then it may be time to consider hiring a lettings agent to manage the property for you. But how can you ensure you’ve found the right one for you?  Here at Secure My Sale Estate Agents in Grantham have a look at our handy tips will help you to pick the b...

25/05/2024
What Type of Survey Do I Need When Buying a House in Grantham?

Buying a house in Grantham is such an exciting time. Looking at areas, looking at different styles of property, different gardens, locations, schools, transport links....and of course, no one loves looking at property more than us! We adore it when our clients find the home of their dreams and move in ready to start a new chapter. But wait. Of course, there’s more to buy...

21/10/2022
Property Market Update: What’s Happening In The UK Property Market – October 2022

Mortgage rates, house prices and average rents have hit new highs, while stamp duty has been cut in the government’s mini budget (one of the few changes to remain after Kwasi Karteng’s sacking and the appointment of Jeremy Hunt as the new chancellor), and a property with a place in TV history is on the market! Read on for all this and more in your October property m...

04/11/2022