Generation rent
It appears generation rent are about to get a hefty lift onto the property ladder. Prime minister Boris Johnson promises to turn ‘generation rent into generation buy’ with a new wave of mortgages. The Prime Minister said he wanted to “fix our broken housing market” and help young people onto the housing ladder. He proposes long-term, fixed-rate mortgages of up to 95% of the value of a home for first-time buyers. This move is to help reduce the size of the deposit needed which is a big hurdle with first time buyers.
Generation Buy
Over the past decade, the average age of a first-time buyer in the UK has risen from 31 to 33 years old. Although generation rent is set to change with the new schemes coming in to play. Another welcomed relief came in the form of reduced stamp duty. New regulations have removed stamp duty on any houses under £500,000. These new rates apply whether you are buying your first home or have owned property before. However, with the addition this, and schemes such as Help to Buy, the rental market could see quite a change over the next year.
Improvements in the private rented sector
The UK’s private rented sector (PRS) has undoubtedly upped its game over the past couple of decades. Increased regulation, while not always popular, means there is more accountability. More managing agents have also become more heavily regulated, and administration fees have been removed, helping to keep costs low. Also, one of the most buoyant markets has been student lets and HMO’s, with students continuing to rent during the coronavirus pandemic.
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