The government’s new 5% deposit mortgage scheme aims to help any home buyer that is struggling to get on the property ladder.
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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.
Transactions bounced back strongly for first time buyers in the second half of 2020 despite a 10.0% rise in house prices.
Rapid start to the year as buyer demand increases 13% across all regions and new house prices highs despite the third lockdown.
Pent-up demand for equity release and falling interest rates has seen a recovery in plans taken out after slowdown during the first lockdown.
Research from Halifax reveals the UK house price growth winners in 2020 is Islington in London with values 13.4% up last year.
The number of 10% deposit mortgage deals almost double as lenders offer first time buyers more choice to get on the property ladder.
Strong demand from affluent home movers has boosted the total value of sales agreed by 26% in 2020 compared to the previous year.
The government is not considering a stamp duty holiday extension after calls for more time following the latest Coronavirus Tier 4 rules.