Considering so many millennials struggled with extortionate rent rates and house prices before Covid-19 was even a word, this news has got us asking a lot of questions about our housing futures. So we put them to the experts.“The government claims 95% mortgages will help first-time buyers,” Caitlin Wilkinson from campaign group . “But for renters on low incomes, deposits aren’t the only barrier to owning a home; they simply don’t earn enough to get a mortgage.
“The stamp duty holiday has clearly proved popular with buyers, stimulating a boom in the market despite the challenging conditions in the wider economy,” Jo Thornhill, finance expert attells us. “And, crucially, it has removed another cost for many first-time buyers, making that first step onto the ladder that little bit easier.
, while many suburban areas have seen price rises with some buyers seeking to move out of busy, built up areas.”Buying a house: what Boris Johnson’s “generation buy” plans could really mean for private renters in the UK “We also believe the government needs to put in place longer term support for the housing market. It’s stilland for most young adults it’s a far-off dream – particularly those impacted by furlough who have seen their wages drop by as much as 20%. The 5% mortgage guarantee scheme, touted to be proposed by the government today, looks like a promising first step and we look forward to reading more about the policy in due course.
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