BSA Property Tracker Reports that Barriers to UK Home Ownership are Shrinking
Housing-Market / UK Housing Dec 09, 2015 - 12:40 PM GMTBy: MoneyFacts
Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, comments:
“The finding that major barriers to home ownership have fallen to a six-year low is great news for first-time buyers and instils greater confidence in the housing market.
“Government schemes, such as the Help to Buy Mortgage Guarantee Scheme, have helped to foster a positive attitude and the new Help to Buy ISA will only reinforce this outlook. This means consumers now feel a little more confident about gathering up enough cash to step on to the property ladder.
“In addition, the mortgage market for those with a modest deposit is the best it has been in a long time, with the number of products for those with a 5% deposit increasing from 179 in December 2014 to 240 today. Average rates have also dropped; for example, the average two-year fixed rate at 95% loan-to-value has fallen from 5.23% to 4.30% in just one year.
“However, with property prices seeming to always be on the increase, it will be interesting to see how long this new-found positivity lasts.”
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