The government says building your own home is becoming more affordable following the introduction of new measures to support the self-build industry. In the Budget, the Government announced it would create a £150m repayable fund to help people who want to custom build. This will help to service up to 10,000 plots. Ministers are also
New rules to prevent people taking out mortgages they can’t afford have now come into effect. One of the key changes is that in most cases, people will need to get help from an adviser before taking out a mortgage. This will help borrowers to better understand whether they can really afford their mortgage, both
The number of first-time home buyers has risen to the highest level for six-and-a-half years, according to the latest figures. In March this year, 31,400 homes were sold to first time buyers, according to LSL, owner of Your Move. This is the highest level since 2007 when the property market was near its peak. The
More than 100,000 people have used various government schemes to buy a home over the last four years. Households have taken advantage of schemes such as Right to Buy and Help to Buy. The Right to Buy scheme gives people who have lived in a council property for at least five years the right to
The government has made it easier for people to build their own homes by cutting the Community Infrastructure Levy on self-built accommodation. Property developers have to pay a levy to local councils to help with the cost of the infrastructure needed to support the development. Some local councils charge £100 per square metre for residential
The government wants to make it easier for tenants to purchase their homes by improving the Right to Buy scheme. Currently, council tenants who want to buy their homes can qualify for a discount of up to 60%, depending on how long they have lived in the property. This is to rise to 70%. The
The scheme is intended to help people get a mortgage to buy their own home. Many people have been unable to take the first step on to the property ladder because they can’t raise enough money for a deposit. Help to Buy: mortgage guarantee means the buyer needs to raise only a 5% deposit on
More than 15,000 people have signed up to buy a home under the government’s Help to Buy: equity loan scheme. Housing Minister Kris Hopkins said the figures showed there was a renewed confidence in the housing market. The scheme came into effect on 1 April 2013 and applies to new build properties only. To qualify,
The ‘Help to Buy: mortgage guarantee’ scheme has been introduced three months early to boost the housing market and enable more people to own their own home. The scheme applies to both new build and older properties and is available to both existing homeowners and first-time buyers. It was due to be introduced in January
The EU wants lenders to provide homebuyers with more information about their mortgages, including “worst case scenarios” of what could happen if rates increase unexpectedly. It means lenders will have to show the maximum interest rate they have charged in the last 20 years. A statement from the European Parliament says: “”Anyone signing up for