Property News | Boris Johnson Announces 5% Mortgage Deposit For First Time Buyers

Millions of property searchers across the UK could be given a helping hand onto the property ladder thanks to a brand new scheme announced by prime minister Boris Johnson.

The prime minister has promised to create 2 million more owner-occupiers by introducing 5% mortgage deposits to enable first time buyers to purchase a home. He has claimed that the initiative will add two million owner-occupiers to the housing market, fulfilling one of his party’s key 2019 election manifesto promises. During a speech to the Conservative’s virtual national conference, as he outlined his vision for a post-corona Britain he stated “For most people, it is still true that the overwhelming instinct is to buy, but for many of them they simply can’t, not because they can’t afford the mortgage but because they can’t afford the deposit. This policy will create two million more owner-occupiers – the biggest expansion since the 1980s of homeownership, to every part of the country”.

The prime minister’s announcement will have a positive impact on the housing market as a ‘generation of renters’ will now be able to transform into a ‘generation of buyers’.  By offering fixed-rate mortgages to those with just 5% deposits Mr Johnson has pledged to rebuild the dream of homeownership, vowing to help get more 20-30-year-olds on the property ladder. 

What does this mean for sellers?

This new initiative is said to bring over 2 million prospective buyers to the property market meaning it will be even easier to sell your home! Be prepared for the buyer rush and put your property on the market with Miller Metcalfe.

Take the first step and book your free valuation here

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