Press Release: Budget should be the catalyst to unlock a gridlocked property market
Mon 25 Mar 2013
The Budget 'Help to Buy Scheme' will make available 12bn of guarantees to support 130bn of higher loan-to-value mortgages.
Peter Rollings, CEO of London estate agent Marsh & Parsons, says: "In the event of a full take up of the scheme over the three year period, 75,000 homes could be bought. We anticipate that 65,000 homes will be purchased due to the governments Mortgage Guarantee Scheme and 10,000 thanks to the Shared Equity Initiative giving a major boost to the huge numbers of people wanting to own their own home."By any criteria this is a great shot in the arm for the property market at all levels and should to be applauded. It will have the effect of enabling 'second steppers' to move up the ladder, thereby making many more first-time buyer suitable properties available. This effect will then undoubtedly feed up the market and unblock the log-jam that currently exists.
Peter Rollings added: "These incentives will also act as an impetus for the dispossessed one fifth of tenants who believe they will never be able to buy. Its important to support first-time buyers in order to encourage the previous generation who have already climbed aboard the property ladder and want to climb higher."
For further information please contact:
The Wriglesworth Consultancy: Neil Mackwood 0207 427 1430 / 0207 427 1434
Marsh & Parsons, a multi-award winning estate agent, has been part of the London property scene since 1856. With 17 offices situated in prime positions across central, west and south west London, they have an intimate and extensive knowledge of the area. Marsh & Parsons services include residential sales and lettings, property management, new homes, developments & investments, professional surveying and corporate & relocation services.
Marsh & Parsons was acquired by LSL Property Services plc in November 2011, but continues to operate as a separate business, retaining its current management team.
A business that is built on energy, agility, professionalism and knowledge, Marsh & Parsons business aim is to be the agent who not only understands the local area around their offices better than any other agent, but is also at the heart of the community. They believe that Local know-how will achieve better results and make the difference for their clients.