“The government’s potential extension of the mortgage guarantee scheme comes as welcome news for those looking to take their first step on the ladder. First-time buyers have been priced out of the market for too long, so I think this announcement indicates a step in the right direction. Britain’s rental market doesn’t seem to be cooling anytime soon, and a growing imbalance between supply and demand which has largely been catalysed by a record number of landlords selling their buy-to-lets has continued to add pressure to the rental sector. Our data shows that 1-in-4 UK renters have lost out on a property due to growing competition and bidding wars. It’s great to see more encouragement for the younger generation to get a foot on the property ladder, as I expect it’ll help stimulate the property industry and economy in the next year.

Source: The Times October 24, 2023 09:40 UTC