Big news from the virtual Conservative conference was the announcement by Prime Minister Boris Johnson that he would make the dream of buying a first home a more achievable reality for first-time buyers.
The PM claimed his Government would introduce fixed-rate long term mortgages which would see as many as 2 million first time buyers being able to borrow 95% of the value of the property they want to buy.
Having to find a large deposit is often a stumbling block to their home-owning ambitions this proposal is intended to help younger buyers afford a home of their own.
The PM recognised that for most people, it is still true the overwhelming instinct is to buy, however, many simply can’t, not because they can’t afford the mortgage but because they can’t pull together the deposit. This policy will create many more owner-occupiers and be the biggest expansion since the 1980s of homeownership, to every part of the country.
More details are awaited, but at first glance, it looks like good news, not just for young buyers but for the whole property market in our area if this plan is put into action.
First-time buyers are vital components in healthy property chains, if this idea is implemented, it could change things for the better for younger buyers and keep the market flowing.
If you are a first-time buyer who wants to be kept updated with suitable new properties as they come onto the market, please contact us. We are also happy to answer any questions you have about the home buying process.
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