Tuesday, October 8, 2013
Nigel Stockton, Financial Services Director, Countrywide plc, the UK's largest property services Group comments on the details of Help to Buy Phase 2:
"I notice that talk of a housing bubble is predominantly coming from London based media. Help to Buy Phase 2 is a credible and well thought out Government policy which was implemented for the benefit of the entire UK housing market. The people of Hull, Scunthorpe, Salford, Batley, Beverley, Truro and Cardiff still appear to have no voice in this “bubble” debate. The fact that 95% mortgages will just begin to start their local property market again is welcome indeed for them and is far from laughable.
"The rates announced today at 5.19% for a 95% First Time Buyer mortgage mean that the mortgage is affordable and repayments are manageable. But most importantly the level of deposit – 5% - is now able to help people get on the housing ladder and alleviate pent up demand for those wishing to purchase their first home or trade up the ladder. The fact that 5% is available again as it has been for ALL buyers since the second World War, but only cruelly denied after the Credit Crunch, is excellent news for homebuyers everywhere."
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