The Government Mortgage Guarantee Scheme launched today with lenders such as Halifax, HSBC and Barclays now accepting government-backed 95% LTV mortgages.
This makes the prospect of owning a home far more feasible for thousands of people struggling to get onto the property ladder, hopefully turning Generation Rent into Generation Buy!
Following the series of lockdowns and restrictions that we have all faced over the last 12 months, many young people have been able to save considerably more towards deposits than they otherwise would have been able to.
A first-time buyer purchasing a £250,000 home on the government-backed 95% mortgage scheme could save more than a whopping £8,000 in interest over a 25-year term if they were to place just an additional £5,000 into their deposit*.
On the day that the Government Mortgage Guarantee Scheme launches across the UK the market has never been busier and it is set to continue in that stead. Rightmove announced an encouraging 145,000 new properties listed this month, though that was still not enough to meet the unprecedented demand.
They went on to reveal that the national average price of properties coming onto market has hit an all-time high, with a rise of 2.1% in just one month!
That means that right now you are able to secure a sale on your home for the absolute best asking price. It truly is the strongest seller’s market in over a decade and the only question remaining is – what are you waiting for?
If you are thinking of moving to a larger family home, downsizing, relocating to be nearer family or get away from the busy town – now is the time to sell.
Whatever your reasons for moving, speak to your local property experts and see how our incredible marketing packages and experienced financial advisors could help make it a reality.
* Savings based on the most affordable lender as of 19th April 2021
** Stats provided by Rightmove on 19th April 2021