Are 95% mortgages adding more fuel to the North East market? 🔥

Hope well, as you may have gathered from my recent posts, the North East property market is booming.  House prices are going up with...

Hope well, as you may have gathered from my recent posts, the North East property market is booming. House prices are going up with the strongest market since the early 2000’s.

Adding more fuel to that fire, the government launched 95% mortgages in April, enabling people to buy a home without the need for a large deposit.

I’ve always thought the biggest issue in the North East wasn’t affordability but a lack of equity, with one fell swoop the government has solved that problem.

Unlike previous schemes, where you could get a 95% mortgage on a new build, this is aimed at ALL properties.

When the government did this in the new build sector, all developers did was up their prices by 10-20% since first time buyers had no where else to go to get on the housing ladder.

Do you think we’re going to see the same in the secondary market?

If I was a betting man we’ll see a 10%+ house price gain in the North East this year, the market is that hot already without these mortgages having an affect.

I spoke to our resident mortgage expert, Gary about this see the video below (click on picture)👇