What’s next for the property market? What’s next for the property market?

What’s next for the property market?

Published in Magazine on 3 August 2021 by our Marketing Team

Having contributed to record-breaking sales numbers over the last year, we consider what’s next for the property market following the approaching end of the stamp duty holiday.

For first-time buyers
Introduced by the government this spring, the 95% mortgage guarantee scheme has encouraged lenders to offer lower deposit options, paving the way for the return of first-time buyers wanting greater flexibility and freedom becoming homeowners.
This scheme is set to close to new applicants in December 2022, with the government’s total investment expected to reach over £20 billion.
Flexible mortgage schemes
In support of the government’s help-to-buy option for first time buyers, we are seeing banks and developers coming together to create other schemes that could essentially replace the government’s help-to-buy scheme when it comes to an end.
An example would be the Deposit Unlock Scheme, which provides buyers with a package that allows them to buy new build homes up to a value of £330,000, with a 5% deposit and 3.5% mortgage rate – fixed for two years.*
High street banks are also beginning to offer 5% mortgages, which offers to lend buyers an extra 10% of a traditional 15% deposit, requiring buyers to only front up 5% themselves.
Looking ahead
Existing and new incentives will boost a drive in the first-time buyer market and are likely to have a similar impact as the SDLT holiday.
Other new schemes could involve cuts to SDLT rates, particularly with second home purchases in order to get this section of the market moving again.
Are you looking to buy this year? Get in touch with us today.
*Newcastle Building Society

This article was originally published by BriefYourMarket and is reproduced here with their permission.

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