Getting on the ladder in today's Property Market

The housing market in the UK undergoing major upheaval due to the mortgage lending crisis and subsequent home loan restrictions are being placed on buyers. This was due to unsavoury lending practices utilised in the past by buyers and sellers alike. In order for renewal to be possible, many systems have to be rectified if the UK is going to be able to deal with current circumstances in the market.

As prices where extremely high in the past, first-time buyers were forced to enter into unrealistic mortgages which were encouraged upon them by unscrupulous lenders. Beforehand, those who could not afford the huge down payments required had no options of even considering owning a home, unless they moved to a poor and often undesirable area. Many of those who want to get onto the property ladder as well as those who are already struggling to pay for their existing properties are asking for change in the coming election. Only time will tell if they get it.

The Conservative Party has placed first-time buyers on their radar and have moved to remove the stamp duty on properties valued under £250,000. This ensures that only one out of ten new buyers will actually have to commit to paying a stamp duty. This is a proposed permanent tax break which would hopefully bring the goal of owning a home within the reach of so many more.

The Green Party has also seen first-time homeowners as a group worth looking out for. They have stated in their manifesto that they want to renovate existing empty council properties to help deal with the huge backlog of people in desperate need of social assistance. In the private sector, they feel they can get 300,000 homes back into the system, many of which going to first-time buyers. Another initiative pushed by the Greens is that of the development of Self-build Cooperatives. This proposal would see that people in a community could band together to build homes to ensure everyone around them is housed.

Whichever side of the spectrum you prefer in the current election in regards to housing issues, it's clear that the UK housing market needs some assistance to make houses available not just to the lucky few.