David Cameron has vowed to ‘get Britain building’ as part of the government’s plans to improve the housing market.
The Prime Minister has said that buyers of new homes will be able to borrow up to 95% of the value in a bid to help 100,000 Brits get onto the property ladder.
The new mortgage indemnity scheme is part of a wider strategy to build more homes and boost home ownership which is great news for Britons trying to sell their homes and move. It will enable lenders to provide mortgages up to 95% of the value of newly built homes to budding first-time buyers- supported by government guarantees and the government underwriting part of the risk.
It is reported that building more homes is now one of the coalition’s economic priorities with the number of new ones being built at its lowest ever record since World War II. Just over 120,000 new homes were made available last year.
However, the key proposals are to make more public sector land available for building and £440 million public funding to help developers ‘unblock’ stalled housing schemes. It is estimated that 130,000 building projects have been delayed due to funding problems.
Mr Cameron said the aim is to help the many people who cannot afford huge deposits needed to buy properties- so this means that the chances of people being able to afford to buy houses will increase which is great news for Robinsons removals UK.
The PM added: “When first-time buyers on a good salary cannot get a reasonable mortgage, the whole market grinds to a halt.
“If we don’t do something like this we are not going to get this vital market moving… we will restart the housing market and get Britain building again.”
If the scheme comes into fruition and you are fortunate enough to find a buyer for your home, contact Robinsons International for expert home removal services.