Caution Regarding UK Housing Market Remains
Suggestions of caution remain in the housing market air as the year comes to a close. In recent weeks some prime indicators have caused more speculation about what might be coming in the near future. The Council of Mortgage Lenders is keeping everything in perspective due to the vulnerable state of the current UK economy. The bigger problems which exist in the Eurozone are also creating anxiety regarding the next possible occurrence within the troubled market.
One opinion seems to be pervasive among experts in the market. That opinion is that activity within the market will more than likely remain flat for at least the next few months. The end of spring earlier this year saw some encouraging numbers surface from the market, but that data quickly changed directions over the coming months.
Those first timers seeking a spot on the property ladder remain on the sidelines. The UK government is trying a new approach called FirstBuy in an attempt to assist those seeking a dwelling of their own. This new scheme has a goal of offering an equity loan of up to 20% to potential buyers from a combination government and housebuilder effort.
This new plan is expected to help a large number of those seeking a new home. Grant Shapps, housing minister, commented on the ability of the new plan to assist new buyers.
He said: “With 80% of young first-time buyers depending on parental help, I am determined that we pull out all the stops to help those who want to take their first steps onto the property ladder.”