MortgagesMay 2 2013

Limited success for gov’t bid to boost lending: Hometrack

Search sponsored by
ByKevin White

The data for quarter one showed that demand had increased in all regions in April but the upward pressure on house prices has been limited to areas where the time on the market was above average.

In London average prices grew by 0.7 per cent in April following a similar increase in March but outside the capital price rises remained below average, ranging from a fall of 0.1 per cent in the northeast to a meagre rise of 0.2 per cent in Wales.

Adviser Responses:

Nick Blatcher, director of Buckinghamshire-based IFA Citrus Mortgages, said: “We have had a couple of inquires recently about First Buy, but nothing yet about Help to Buy. However I am really positive about the mortgage guarantee scheme and I think both initiatives could help oil the wheels for the mortgage market.”

Glyn Jones, owner of Denbighshire-based Vale Financial Services, said: “I don’t think these plans will affect house prices in north Wales, and I haven’t experienced any additional inquiries. It’s a different world up here compared to the southeast of England.

“We have plenty of different initiatives and incentives from developers already and all this is doing is allowing people who cannot afford a mortgage to get one, which is dangerous and sustains a false economy.”