With a raft of good news for potential first-time buyers announced by Rishi Sunak in the March Budget, now is a great time for agents to take advantage of the ascending appetite for “generation rent” to become “generation buy”.
Making mortgages more accessible
Figures from the Building Societies Association show that 40% of first-time buyers say raising a deposit is the most significant barrier to purchasing their first home. Indeed, in some locations across the UK, mortgage repayments at current rates would work out to be more affordable than paying rent. But with a minimum 10% deposit required, tenants have been held back from making the transition to home ownership.
However, the announcement of the government-backed 95% mortgage opens up an entirely new market of potential buyers who were previously cut out of the market. For agents, this presents the perfect opportunity to directly engage with renters coming to the end of their current tenancy to promote the idea of home ownership as an alternative to seeking a new rental property.
Stamp duty holiday
Another win for those who have been considering making the move to home ownership is the stamp duty holiday extension. With potential buyers purchasing a home up to a value of £500,000 saving up to £15,000 in stamp duty, it’s an opportune moment for agents to really hit that buying message.
While the extended stamp duty holiday deadline is coming along fast, first-time buyers are potentially in the ideal position to be able to complete a sale quickly, making them a very appealing prospect to your existing vendors. Additionally, the staggered period between 1st July and 30th September offers further incentive for new buyers to enter the market.
Convert your tenants into purchasers
For agents, there has never been a better time to convert tenants nearing the end of their existing tenancy into potential buyers and we can help you to tap into this opportunity. BriefYourMarket.com links seamlessly with your existing CRM system, cross-tabulating with on- and off-market data to enable to you to create highly targeted messages to specific groups of contacts. From email marketing, to postal campaigns, SMS and social media, we’ve got it covered for you.
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