How the government intends to help first-time buyers
In a recent speech, Boris Johnson committed to helping first-time buyers overcome the hurdles faced when securing their first property.
As it stands now, the biggest issues first-time buyers face are the strict mortgage lending restrictions, the need for a high deposit, and rising house prices.
As part of the speech, Boris Johnson stated that more than 50% of renters could afford a monthly mortgage payment. However, other factors mean that only 6% could immediately access a FTB mortgage.
He said: “First-time buyers are trying to hit a continually moving target. By the time they’ve put aside money to secure their mortgage, prices have risen, and it’s no longer enough.”
“And of course, the global rise in the cost of living is only making life harder for savers. So, we want it to be easier to get a mortgage. Reporting back this Autumn, [the review] will look at how we can give our nation’s aspiring homeowners better access to low-deposit mortgages.”
Are you a first-time buyer looking for property advice? Get in touch today.
*Rightmove
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Part of a network of agents
We work with other trusted estate agents across the nation
Latest news
Your guide to investing in multiple-occupancy homes
Investing in multiple-occupancy homes (HMOs) can be a great way of increasing yields, making them very attractive investment opportunities for landlords.
Landlords! When was the last time you booked a rental valuation?
Rental demand still outstrips supply in the UK, and your property is unique, which is why it’s important to understand its true rental value.
Have you double-checked your tenancy agreement?
When you have found the perfect rental property for you, it can be very tempting to sign on that dotted line in a hurry.
Does 2024 hold a better future for landlords and tenants?
The rental market in the UK is going from strength to strength.
