Mortgage Guarantee Extended for 2023

Looking to buy this year? There’s good news if you are currently applying for a mortgage.

At the end of December, it was announced that the government’s mortgage guarantee scheme is now going to be extended until 31st December 2023. The mortgage guarantee scheme allows buyers to purchase a property with just 5% deposit and has been especially popular amongst first-time buyers with 85% of the current uptake coming from those buyers making their first purchase.

Bradford is currently one of the cheapest areas to buy within the UK according to Zoopla, so now with the extension to the mortgage guarantee scheme you may be able to achieve more than expected with your initial deposit. The current average sold price for homes in Bradford over the last 12 months is £149,507.

Looking back to Rightmove’s latest house price index for December, the index shows that the price of properties coming to market has dropped by roughly 2.1%, bringing house prices back to the same levels we saw during April last year. This appears to be the first sign of the market beginning to slow nationally in response to the rising interest rates plus the increasing cost of living and is of course good news for first-time buyers in particular who should now begin to see their level of affordability rising as property prices decrease.

James Watts, Managing Director at Robert Watts commented on the latest Rightmove house price index. He said: “Buyers now have a fantastic opportunity to take advantage of the dip in house prices. If you are ready to move this year, then you will also be able to benefit from the stamp duty suspension on properties worth up to £425,000 and £625,000 for first-time buyers.

“If you are looking to move into the Bradford area, get in touch with our sales teams to find out more about the area and the range of properties we have coming to the market.”

If you are now searching for your first or next home, you can view all the properties we currently have on the market here: https://www.robertwatts.co.uk/

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