Milton Keynes Defies National Trend with a Housing Boom
While there is a serious housing shortage throughout the UK, it seems that Milton Keynes and its surrounding areas are defying the national trend with a positive housing boom.
Eileen Ellison, a conveyancing specialist at leading local law firm Pictons comments “Milton Keynes is a very progressive city and the growth in house building is tremendous. Our clients are currently buying homes in Oakridge, Leighton Buzzard, Bletchley and Buckingham.
“A lot of people aren’t aware of the Government’s new buyer’s scheme which offers interest-free purchaser loans. These are loans to the value of 10% of the cost of the property, matched by a 10% loan from the construction company. It is completely true to say that there is no housing shortage in Milton Keynes and the surrounding areas, and interestingly, absolutely no shortage of buyers either!”
Experienced property buyers are aware of the additional costs involved in purchasing a home, while newcomers to the marketplace may not know that they will need professional guidance.
Eileen continues “It is essential for property buyers to instruct a good solicitor in order to complete all of the essential paperwork, which is fairly complicated. For a property of up to £250,000 the average cost for completing a property acquisition is just under £500, plus VAT. On top of that there are a number of what are called ‘disbursements’ which include the various searches that have to be made in relation to the property concerned, stamp duty where relevant and one or two other fees.
“It’s important that buyers take these costs into account when budgeting for their property purchase. Sometimes in the excitement of buying a new home, especially if you are a first time buyer, it’s easy to forget that it’s essential to ensure you have covered every aspect to safeguard yourself and the value of your new property.”