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Details on the government's mortgage indemnity scheme were unveiled this week. The NewBuy Guarantee will launch this March and will allow lenders to offer larger loans on new-build properties, without taking on all of the risk. Instead, if a home does fall into negative equity and is repossessed, the government and house-builder will make up the shortfall.
It appears that house prices took a dip in the first month of 2012. Nationwide found that they fell by 0.2 per cent, with analysts predicting that they may move further in favour of buyers. This opinion seems to be supported by research undertaken by Rightmove, as its Consumer Confidence Survey found that 60 per cent of respondents felt it is currently a buyers' market, with just 13 per cent claiming it benefits 'sellers'.
And finally, it is harder to buy now than in the 2009 recession, according to the Ability to Buy Index from the Royal Bank of Scotland. It appears that the rising living costs are putting a squeeze on first-time buyers, making it even harder for them to afford a mortgage. This is despite mortgage payments being their lowest in over a decade!
Shapps unveils NewBuy mortgage guarantee scheme
A government scheme aimed at kick-starting the housing market by underwriting 95% mortgages will be available to people spending up to £500,000 on a new-build property, the housing minister has announced.
The Guardian, 01/02/2012
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Now existing home owners face mortgage squeeze
Problems getting a mortgage and raising a deposit are not confined to first-time buyers and are spreading to existing owners too, according to the Council of Mortgage Lenders (CML).
About Property, 02/02/2012
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Buying a property 'more cost-effective than renting'
Purchasing a property works out at more than £100 a month cheaper than renting.
Houseladder.co.uk, 30/01/2012
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Slight dip in house prices in January
House prices dipped by 0.2 per cent in January, as analysts predicted that the market could tilt further in buyers' favour over the coming months.
The Independent, 01/02/2012
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It's a buyers' market, but especially in the north
Rightmove's first Consumer Confidence Survey of 2012 was released today and finds that the public believes the property market balance of power currently lays firmly with buyers.
Rightmove, 30/01/2012
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Children in one in four homes share bedrooms
Thousands of children are forced to share a bedroom with a sibling or other family member, according to new research.
Daily Telegraph, 31/01/2012
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Rising living costs are hampering first time buyers in the UK, research shows
Rising living costs are putting off first time buyers in the UK despite the fact that mortgage cost have fallen below 2003 levels, new research shows.
Property Wire, 02/02/2012
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