Supply of properties on the market and available to buyers is an all-time low at the same time house prices are at record levels.
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Category Archives: First Time Buyers
Strong demand for houses has driven price growth up 5.2% in the last year which is over four times more than the 1.1% growth for flats.
Fixed rate mortgages are cut to 0.99% for borrowers with large deposits looking to remortgage as competition increases from lenders.
The value of homes transacted has doubled compared to last year as demand for property hits new highs while supply is restricted.
New properties on the market hit record asking prices up 2.1% this month as demand drives sales to the fastest ever pace.
The average time it takes to sell a home has reduced to 44 days thanks to high demand and much faster for the top ten locations.
Excess demand over supply is the greatest for a decade and 34% higher than last year sending house prices even higher.
The government’s new 5% deposit mortgage scheme aims to help any home buyer that is struggling to get on the property ladder.
First time buyers with small deposits are returning to the market as lenders bring back high loan to value mortgages since the pandemic.
About 100,000 buyers already agreed to complete will miss the stamp duty holiday deadline leading many to expect an extension.