First-time buyer restrictions are expected to change before March: buy a home in UK
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Buy a home: According to The Times, the government would guarantee to lower first-time homebuyers’ upfront costs.
Pre-election policies will be implemented by the government to assist first-time purchasers, rumours have it. According to The Times, the government would guarantee to lower first-time homebuyers’ upfront costs.
Before election day, the party would “definitely” have a new offer in place, Housing Secretary Michael Gove told the newspaper. Speaking to the newspaper, Mr. Gove said, “We have been wondering how we can make sure that people with respectable earnings who are having trouble getting on the housing ladder can do so?
“It’s about looking at some of the rigidities in the mortgage market that they haven’t got in other countries, not to preempt anything.” Reviving the Help to Buy programme is one option; it might be included in the Conservative manifesto or announced in the March budget.
In order to lessen the amount of money first-time homebuyers will need for a deposit, there is also apparently a plan in place for the government to sponsor far longer fixed-term mortgages, like those available in the US. Mr. Gove responded, “Oh, yes, we must,” when asked if the Tories would be able to provide further assistance for first-time buyers going into the next election. Without a doubt.”
The Conservatives are finding it difficult to turn the tide in their favour, with Labour leading by almost 20 points in the polls, and the next election is anticipated for sometime in 2024. Before election day, Mr. Gove assured The Times that his party would “definitely” have a fresh proposal ready for prospective homeowners.
By the middle of the 2020s, 300,000 new houses were supposed to be built annually in England, but that goal has not yet been reached. Last year, in response to mounting calls and pressure from backbench Tory MPs, Mr. Gove took action to soften the programme.
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