Mortgage Market Briefing – December 2020
There was some welcome good news for first-time buyers in December as major lenders returned to the 10% deposit market.
There was some welcome good news for first-time buyers in December as major lenders returned to the 10% deposit market.
Homeowners struggling with the financial repercussions of the coronavirus have been offered further support from mortgage lenders.
House prices have continued to enjoy sustained growth, with record prices being seen in many areas as buyers race to purchase properties before the stamp duty deadline.
The housing market boom continued apace in September, as home buyers reaped the benefits of the Government’s stamp duty tax holiday.
Home buyers and existing owners have been encouraged to snap up cheap mortgage deals while they last, as early signs have emerged that interest rates are starting to rise.
The housing market was handed a major boost this month as Chancellor of the Exchequer, Rishi Sunak announced a temporary cut to stamp duty tax rates.
Almost two million homeowners have asked their mortgage provider for a payment holiday, according to figures released by the banking trade body UK Finance.
After weeks of severe lockdown, new government guidance has begun the process of easing restrictions on the UK housing market.
It has been an encouraging 12 months for the housing market, with prices rising by 0.8% and much of the country returning to growth.