first-time buyers
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Housing Market
Housing is a top issue for voters
One of the most closely contested General Elections for decades is now formally under way, with the NHS, economy, immigration, welfare and jobs all high on the political agenda. But housing is also a major concern for many voters and could prove a key electoral battleground for the various political parties, according to pollster Ipsos Mori. Ipsos Mori’s latest Issues Index reveals that 14 per cent of voters currently rank housing as among the most important issues facing the country, up from 5 per cent in 2010, as more people struggle to afford to buy their own home in light of higher property prices and a general housing shortage. The Conservative party, which has reformed the planning system and introduced various Government initiatives including its flagship Help to Buy scheme since coming to power in 2010, has vowed to boost the level of discounted starter homes available for first-time buyers under the age of 40 if re-elected in May. Writing in PROPERTYdrum magazine, Brandon Lewis (left), the Housing and Planning Minister, said, “We’ve supported the aspirations of hard-working people. Help to Buy is enabling homeowners to purchase with a fraction of the deposit they would normally require, and leading developers…
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Latest property news
Housing industry welcome Chancellor’s boost for homebuyers
First-time property purchasers saving for a deposit will be given a 25 per cent financial top up from the Government, George Osborne (right) announced in last week’s Budget statement, much to the delight of many property professionals. Many industry experts are pleased that the Chancellor has recognised the need to provide yet more support for homebuyers by announcing the launch of a Help to Buy ISA later this year. Whilst the operational details still need to be finalised, in principle the scheme will provide an important financial incentive for first-time buyers, helping many people achieve the goal of owning their own home. “Combined with the extension of Help to Buy and measures introduced in the Autumn statement to reform Stamp Duty Land Tax with a fairer system, this should provide further positive stimulus for the wider housing market,” said Chris Endsor, Chief Executive of Miller Homes. Nicholas Leeming (left), Chairman of Jackson-Stops & Staff, with 44 offices nationwide, also welcomed the announcement of a new Help to Buy ISA in last week’s Budget. He commented, “Any help to incentivise the young to save money and enable them to get on the property ladder has to be welcomed. We look forward…
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Housing Market
General Election
With the clock ticking towards the 7th May, this is a good time to reflect on what we’ve achieved in this parliament. In 2010 we inherited a broken housing market: builders couldn’t build, lenders wouldn’t lend and buyers couldn’t buy. Housebuilding starts were at their lowest for any peacetime year since the 1920s and a generation of hardworking young people – who could have rightly expected to take their first step on the property ladder – were locked out of homeownership. Great progress has been made but the challenge remains considerable.” Fast forward to today and the landscape is very different. The numbers of first-time buyers has hit a seven-year high; planning permission has been granted on 240,000 new homes in the year to October, and housebuilding starts are at their highest since 2007. LONG-TERM STRATEGY And this turnaround didn’t happen by accident – it required a longterm economic plan to restore confidence to the market and get the country building again. Above all that meant security. Firm action to tackle the deficit – keeping interest rates at their record low, ensuring mortgages remained affordable and encouraging business investment. We’ve supported the aspirations of hard-working people. Help to Buy is…
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Features
Property investors – fill your boots!
With buy-to-let mortgage borrowing rates plunging and rental values rising, landlords are adding to their buy-to-let portfolios, says Marc Da Silva.
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Features
