2024 election focus: how can new Government policies help First-time Buyers? 🆘
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How to help First-time Buyers (FTBs) is a key policy area in this 2024 General Election year. Zoopla explores the challenges facing FTBs and the pros and cons of the ideas being talked about:
Key takeaways:
🔸 Long-term fixed rate loans and small-deposit mortgages are being floated as policy ideas to help FTBs
🔸 The cost of renting vs buying is key to understanding the challenges for FTBs across the UK - interesting stats on this included in main article from Zoopla
🔸 On paper, most FTBs could afford to buy the home they rent - but banks’ stress-testing puts home ownership out of reach for many
🔸 Longer term fixed mortgages have struggled to get off the ground in the UK and are more expensive in the long run - the idea needs more Government support to kickstart it or further innovation by banks
🔸 1% deposits are not particularly attractive to FTBs and you’d likely need a high income to pass affordability tests, "I can’t see it being a mass-market solution" says Executive Researcher Richard Donnell of Zoopla
📩 For the full article from Zoopla, click here 📩
If you are a First-time Buyer and would like help/advice on where/how to buy, email Emma for guidance and support (emma.travers@cavendishproperty.co.uk) 📧
📸 Emma Travers: Property Sourcing, Conveyancing and Acquisitions at Cavendish Residential 📸
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