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.
Thanks for reading.
