Wednesday, May 12, 2010
Category:
Home Improvements
According to an analysis conducted by moneysupermaket.com, the abolition of stamp duty for first time buyers who are purchasing a property under £250,000 has ‘provided a welcome kick start to the housing market’.
In fact, during the week following the Budget, moneysupermarket.com reportedly experienced a 15 percent rise in the number of prospective first time buyers visiting their mortgage comparison channel.
The comparison website has also revealed that the number of 90 percent mortgages available has risen by 17 percent this year, whilst the number of available 80 percent loans has risen by a third. It was also found that the average rate for first time buyers stands at 4.79 percent.
Mortgage channel manager at moneysupermarket.com, Hannah-Mercedes Skenfield, commented: "There has been much debate over the past week as to what impact Darling's measures will have on the housing market, and while the jury's still out on that one, it's clear that those most affected have welcomed it if numbers to our site are anything to go by. As we approach one of the busiest weekends of the year for house-hunting, the first-time buyer could well be back out after months of hibernation.
"Whilst the majority of our users say the stamp duty cut is a good thing, and recognise that people need help to buy their first home, the reality is that until LTVs and corresponding loan rates improve, the situation remains largely the same. Without a large deposit, you'll find yourself on a higher rate and that's if you can get a mortgage at all. It will be interesting to see over the long-term what impact this has."
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First time buyers who are searching for funds for essential
home improvements could consider taking out a secured loan to help them transform their new house into their dream home. One of many finance options available, a secured loan for home improvements could be used to completely renovate and refurbish a tired property for example. Furthermore, it could be used to fund the creation extra living space by means of an extension or conservatory if desired. Outdoor areas could also be landscaped to give homeowners even more space in which to relax during the summer months.
