Chancellor Osborne Announces Positive Changes within UK Housing Market
The UK housing market is currently in a state of inactivity due to the coming general election and what it could mean to both lenders and borrowers. Lenders remain locked in a battle of heavy competition for those looking to purchase their first homes as well as move home. Those same lenders are offering numerous deals which are attractive with low interest rates and special discounts to closing costs and other administrative costs.
First time buyers have just been delivered a wave of good news in the remaining days before the election. George Osborne delivered a message which gives first timers a top up of 25% towards the deposit on a house. This is just one of the strong points made to outflank Labour.
Another promise announced by Osborne as pre-election hype involves a government programme incentivizing the house buying process. For every £200 home buyers save, the government will add £50 to that amount, as a new Help to Buy ISA. This will be offered up to a maximum of £1,200.
Osborne touted his announcements as steps in the right direction for the UK and that, “Britain is walking tall again.”
These steps, among others, are being viewed with some skepticism of course, especially since they are words which are aimed at those looking to cast a vote in a few weeks.
The UK housing market has been off to a sluggish start this year. Original loans are down since the first week of the month of the New Year, as well as remortgage activity.