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BSA Property Tracker Reports that Barriers to UK Home Ownership are Shrinking

Housing-Market / UK Housing Dec 09, 2015 - 12:40 PM GMT

By: MoneyFacts

Housing-Market

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.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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