The election campaign is well and truly heating up with the Conservatives promising to build 200,000 discounted homes in England for first-time buyers if they win.
The pledge doubles the original target, which was announced under the Starter Homes Initiative in December 2014. Buyers under 40 can already apply for a 20% discount on their first home, but if Cameron remains in power, twice the number of new properties will be available. The limit on value outside London is £250k, and in London it’s a maximum of £450k. Both are realistic for young home owners I think.
Other parties are wading in with their pledges too. Whether it’s doubling the annual housing target (Labour), increasing shared-ownership and rent-to-buy (Lib Democrats) or half a million social rented homes (Greens), many potential home owners (and tenants) are going to be paying close attention to attractive election promises.
No doubt, it’s going to be a close-run thing, but with home ownership at it’s lowest for 29 years younger voters could be swayed by policies that could give them a leg up on to the housing ladder.
Whatever the outcome of the election in May, we are here to advise you on which mortgages are best for first time buyers.