The pandemic has affected the commercial mortgage market far more than other mortgage markets, particularly in sectors such as hospitality. As a result, lenders became more cautious with their criteria, such as lower LTVs or declining applications from certain sectors.
Discounted houses will be available to first-time buyers for almost a third off the market price under a new government scheme that launches today.
According to MHCLG, the First Homes scheme will help local first-time buyers – including key workers – onto the property ladder by offering homes at a discount of at least 30% compared to the market price.
If 2020 has shown us anything it is that property remains resilient as an investment asset, having perhaps taken many of us by surprise by not just withstanding the pandemic, but, on the whole, positively thriving.
With the housing market still in full swing, the suspension of stamp duty has led to many people selling their houses quickly and often for over the asking price. In fact, recent data shows that between November and December, asking prices were up 6.6% compared to 2019.