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the property market is constantly changing, and any advice that parents or grandparents give is likely to be hopelessly outdated.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

Related News Articles

Stay Up-To-Date With The Latest 2023 Buy-To-Let News For UK Landlords

  Landlords in Grantham, Are You Prepared For The Year Ahead?   Over the last few years, the property rental sector has seen a lot of changes. For landlords in Grantham, dealing with changes to requirements hasn’t been easy, and now, 2023 looks set to hold many more significant changes.  To ensure you’re prepared for the year to come, our expert l...

19/02/2023
Top Tips For Selling A Property in Grantham That Contains Asbestos

Asbestos Is A Word That Has Become Synonymous With Health Problems!   If you’re selling an older property in Grantham, you may be worried about the asbestos it contains. Asbestos is a word that has become synonymous with health problems and danger, so if your existing home contains asbestos, it’s natural to have concerns about how it could affect your propert...

28/12/2022
10 Essential Tips from Secure My Sale Estate Agents for First-Time Buyers in Grantham

Welcome, First-Time Homebuyers!   Are you ready to embark on the exciting adventure that is buying your first home in Grantham? Great, because the team here at Secure My Sale are looking forward to being your trusty guide! We have some fantastic tips and advice that will help you navigate the home-buying process with confidence. So let’s get started..   Tip...

08/07/2023
What Makes a Good Estate Agent in Grantham?

Selling your home is a huge life decision. Finding the right person for the job is one of the most important things you can do. A good estate agent is honest, reliable, and easy to talk to. They can be the sole reason your home sells at the right price and the right time. But how do you know who’s good and who’s not? Here are four things you should look for in an...

30/05/2023