Following the figures from the BoE this morning, Richard Pike, Phoebus Software sales and marketing director, says “The figures from the Bank of England today come as we are reading of more rumoured (leaked) changes for the housing market ahead of the Budget on Wednesday. In all honesty our market has faired better than many over the past year and January was no exception. The perfect storm of low mortgage interest rates and the SDLT payment holiday have kept things moving.
“It is evident that the government is set on its path of moving generation rent into generation buy. If, as is reported, the new mortgage guarantee scheme is announced on Wednesday more first-time-buyers will find themselves in a better position to move onto the property ladder. Of course, there is always the question of supply and, with new-build developments well below the government’s target, that may be an issue down the line. One that may well push up prices.
“It’s a fine line, as always. However, the positive is that the housing market is not being left behind in the Chancellor’s plans for recovery.”