Jonathan
Waters expressed delight at George Osborne’s announcement yesterday of the
extension of his help to buy scheme.
However,
the owner and Managing Director of Jonathan Waters Estate Agents also expressed
concern and could relate to those who are worried about the impact and effects
of the scheme.
“For
those wanting to buy homes in Ipswich, the great news about the extension of
the help to buy scheme is that it now applies to both existing homes as well as
new build properties.”
“Estate
agents in the Ipswich area will definitely treat this as good news,
particularly as the scheme, which starts from January 2014, will run for three
years.”
“The
other good news is that it is no longer restricted to first time buyers and the
scheme enables people to purchase properties with a deposit as small as 5%.”
“Basically
the government guarantee will encourage lenders to offer better access to low
deposit mortgages. The mortgage
guarantee scheme applies only to the purchase of those properties up to
£600,000.”
Jonathan
Waters, however, urged caution and did express concern about some areas of the
new scheme.
“Starting
in January 2014 it could certainly increase the prices of houses in
Ipswich. I would definitely expect to
see more first time buyers in the Ipswich area jumping onto the housing ladder
as a result of this scheme and that in itself can only be very good news.
“I
would also expect to see people who are currently in rented accommodation,
having previously sold properties and moved out of house ownership, buying
houses again in Ipswich once this scheme has taken off.
“Mr
Osborne unveiled plans to underwrite £130 billion of mortgage lending for all
homes which followed on from a loan scheme launched in April aimed purely at
new build homes. Almost 7,000
reservations of new build homes were made through the scheme in its first four
months, and the British Bankers Association said the number of mortgage
approvals for house purchases rose to a
17 month high in June.
“The
government has pledged £12 billion worth of guarantees on an estimated 138
billion mortgages. George Osborne went
to great lengths to insist that this would not repeat the mistakes that sparked
the financial crisis because the rules would ensure that responsible lending
continued.
“Part
of the terms and conditions of the new scheme announced by Mr Osborne are that
buyers would have to continue to verify their income and would not be able to
“self certify”. Anyone with a County
Court Judgement of more than £500 against them in the past three years will
also be barred under Financial Conduct Authority standards.
Jonathan
continued “I am expecting the continuation and even further increases in the
amount of activity within house purchase in the Ipswich area. I think estate agency in Ipswich generally
will have a massive boost as a result of this new mortgage guarantee scheme as
well as other positive factors about the housing market in recent times.”
To
view the current choice of homes for sale inIpswich, Martlesham, Kesgrave and
surrounding villages contact us.
625 Foxhall
Road, Ipswich, Suffolk, IP3 8ND
01473 721133
35
Buttermarket, Ipswich, Suffolk, IP1 1BH
01473 281188
Bristol Court,
Betts Avenue, Martlesham Heath Business Park, Martlesham IP5 3RY
01473 620222
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