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In the latest Budget, the Chancellor Philip Hammond announced that the Help to Buy scheme would close in March 2023. He also revealed that the current Help to Buy Equity Loan scheme will change from 2021 to try and ensure it is targeted at those who need it most, ie First Time Buyers. He said that the Government does not intend to introduce a further Help to Buy Equity Loan scheme after March 2023*.Read more →
According to NAEA Propertymark, changes made by the Chancellor last year to offer relief to first time buyers purchasing properties under £300,000 seem to be encouraging more buyers onto the market. With, year on year, first time buyer sales the highest since February 2015*.
The trade body said that the Chancellor’s first-time buyer stamp duty relief is having the desired effect, as sales to the group rose to 29% in February, from 27% in January.Read more →
In the November Budget, the Chancellor announced that Stamp Duty will be scrapped for First Time Buyers purchasing properties with a value of less than £300,000. He claimed that this move will cut the Stamp Duty tax for 95% of First Time Buyers and abolish it for 80%*.Read more →
The Government have promised to help First Time Buyers by injecting the Help to Buy Scheme with more money. The extra £10bn is thought that it will help another 135,000 people get onto the property ladder. This is on top of the 200,000 people that the scheme has helped to date*.Read more →
According to the National Association of Estate Agents (NAEA Propertymark) the number of property sales agreed by estate agents increased from May to June this year. And, those from First Time Buyers made up 30% of those sales which is the highest amount since January*.Read more →
According to latest figures from Legal and General, Bank of Mum and Dad will stump up the cash for over a quarter of mortgage payments in 2017. The figures predict that parents will fund £6.7bn worth of money to help pay their child’s mortgage deposit. Making parents as important as the top 9th mortgage lender in the UK*.Read more →
The value of mortgage lending in January 2017 reached its highest levels since 2008 figures from the CML have shown*. Mortgage Lending reached £18.9bn in January which is 2% higher than January 2016 but still 6% lower than December’s total lending of £20bn.
According to the CML, the strong market figures can be attributed to an increase in First Time Buyers and people remortgaging which has offset the weaknesses in the Buy to Let and home movers markets.
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According to latest figures from Your Move & Reed Rains, purchases by First Time Buyers have reached a 2-year high. In fact, in April this year, there were 32,300 First Time Buyer transactions recorded which was a 50.7% increase from February 2016. This was reported on the Mortgage Introducer website in May*.Read more →
Latest research by Precise Mortgages has found that a significant number of First Time Buyers are unaware of the various schemes that are available from the Government to help them purchase a property such as the Help to Buy scheme.
41% of those surveyed had a low awareness of the Government’s Help to Buy ISA which was launched last year. This was reported on the What Mortgage Magazine website in April*.Read more →
Latest research by What Mortgage Magazine and Equifax has found that many buyers don’t understand the process of applying for a mortgage. Two years ago, new mortgage affordability rules were introduced and this research finds that many are unaware of how these rules might affect their application.
This was reported in What Mortgage Magazine on 9th March 2016*.Read more →
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