The value of homes transacted has doubled compared to last year as demand for property hits new highs while supply is restricted.
Excess demand over supply is the greatest for a decade and 34% higher than last year sending house prices even higher.
First time buyers with small deposits are returning to the market as lenders bring back high loan to value mortgages since the pandemic.
Transactions bounced back strongly for first time buyers in the second half of 2020 despite a 10.0% rise in house prices.
The government is not considering a stamp duty holiday extension after calls for more time following the latest Coronavirus Tier 4 rules.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
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