May
23

Gove plans to "fix dysfunctional housing market"

Michael Gove , secretary of state for Levelling Up, Housing and Communities has announced plans to get more first-time buyers on the housing ladder by introducing insurance against mortgage default. In an attempt to “repair the broken property ladder and fix our dysfunctional housing market”, Michael Gove said: “More than half of those in the private rented sector could currently afford the repayment costs on a mortgage, but just 3% have the savings necessary to put together a deposit and meet the lender’s requirements for a typical first-time buyer’s property.” If introduced, this insurance policy is aimed at giving access to homeownership to those who would normally have to go into the private rented sector because they do not have sufficient funds for a deposit currently required in today’s mortgage market. Read more here.