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With the vaccine roll-out well underway, the Government stamp duty holiday in place and the new Government 95% mortgage guarantee scheme launched this week, we believe that there is a lot to be feeling positive about in the property market right now.
In fact, this week, Rightmove has reported that homes are selling at the fastest pace ever recorded right now - while demand continues to outstrip supply - meaning there is lots of activity in the market.
At Stubbings Property Marketing, we are certainly experiencing a high level of enquires across the developments where we are selling, with many purchasers keen to take advantage of the current stamp duty holiday where possible, as well as additional, developer incentives.
While the stamp duty holiday will fully come to an end this October, we believe that the property market will continue to perform well – a sentiment echoed by Rightmove, who suggest that they expect the level of demand to remain for the rest of 2021.
The new mortgage guarantee scheme and what it means for the market
The new mortgage guarantee scheme will run from April 2021 to December 2022. The Government will provide mortgage lenders with a partial guarantee (of up to 15%) if a borrower defaults on their repayments. This in turn is designed to give lenders the confidence to reintroduce these higher loan-to-value mortgages.
While this scheme is not available across new homes, the most important message we would take from this, is that it demonstrates the Government’s confidence in the property market as a whole.
On new build homes there is Help to Buy for first time buyers (where you can buy with a 5% deposit and a 75% mortgage), which means there are a lot of schemes out there, offering a range of assistance for today's buyers.
If you are looking for a new home, we are currently selling across numerous sites, from new apartments in Slough to luxury homes in Ickenham and new houses and apartments in Bristol. Take a look at our website for a full list of our current schemes.