Many buyers are finding it extremely difficult to get on, or move further up, the property ladder. With hesitant lending and high deposits needed, a huge amount of people are priced out of the market or unable to move any higher.
However the UK government is in the process of launching its NewBuy scheme which is set to help those that need a little help getting into and navigating the market. The scheme will require that building firms and taxpayers are guarantors on homes that are being bought by first-time, or existing buyers.
The government scheme is being supported by a wide number of lenders - NatWest, Nationwide and Barclays are all included.
Importantly, these lenders will let buyers borrow up to 95% of the total home value. This should make a huge difference as previous first-time buyers have been required to put down high deposits before they can secure lending.
However, under the NewBuy scheme, they will only be required to have a deposit worth 5% of the total home value, which should make a huge difference to a generation that are facing a weak economy, high rents and low unemployment.
The scheme will also help people who are current property owners but want to find a new property for sale. A lot of buyers are unable to afford a more expensive or new property as this can require large deposit fees. However, under the new scheme, current homeowners should be able to borrow larger amounts from lenders, which will enable them to look for different homes.
This should all help the property market become less stagnant, with buyers being offered a larger ฝากขายที่ดิน set of options, more able to navigate around the market and have the funds to purchase a wider range of property for sale. It should open up the market to a fresh generation of buyers, which will help to renew and regenerate a tired market.
The BBC reported the Housing Minister Grant Shapps speaking about the issue:
"I'm not prepared to stand by, and nor is the government, to watch an entire generation of people be locked out of the housing market when they can afford proper mortgages," he said.
According to the BBC, Stewart Baseley, executive chairman of the Home Builders' Federation (HBF), said: "NewBuy will help thousands of people to meet their aspirations to buy a new home, freeing up the housing market and helping first-time buyers and those unable to take the next step on the ladder."
"The scheme will also provide a vital kick-start for house builders large and small who will be able to build the homes and create the jobs that the country desperately needs."
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