According to Nationwide, prices were up 0.5% compared to January, meaning an overall increase of 6.9% compared to the year before. This was seen as a surprise as Nationwide’s Robert Gardner thought there would been a slow as the end of the stamp duty holiday came to a close. However, with the extension now in place until the 30th of September 2021, house prices could continue to grow. With the new 95% mortgages being backed by Government in attempt to move generation rent to generation buy, this will help buyers as prices rise. With the national UK average of a property being £231,068, rather than needing a 10% deposit (£23,106), buyers will now be able to put forward 5% with these new mortgages, meaning £11,553. These types of mortgages were hard to obtain during the pandemic, so this means hopefully those first-time buyers will be able to find it easier to get on the property ladder.
READ MORE: https://www.bbc.co.uk/news/business-56250728