There has been an increase in demand for homes with more loans especially from first time buyers in August.
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Category Archives: First Time Buyers
The second phase of the Help to Buy scheme launched by the government is likely to see mortgage costs at 5%.
The Bank of England has confirmed the number of mortgages approved is at the highest level for the past five-and-a-half years.
David Cameron has promised to launch the Help to buy scheme with mortgages up to 95% loan to value.
To reduce the cost of repayment mortgages, first time buyers are opting for longer terms of up to 40 years.
There is concern that the proposed Help to Buy Scheme will cause the housing market to overheat.
Bank of England figures show mortgage approvals increased to 60,624 the highest level since March 2008.
Property prices are up by 3.5% according to Nationwide as mortgage lenders offer more competitive loans.
The government claims the number of new homes built in England for the three months to June this year is 6% higher.
With 65% more properties on the market demand remains strong and sales of homes are 11% higher than 2019.