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First-time buyers will be able to get o the property ladder with just 5 per cent deposit under a government scheme launched yesterday.

High street banks including Lloyds, Santander and Barclays will start offering state-backed mortgages worth up to 95 per cent of the value of a home. The scheme, announced by Chancellor Rishi Sunak in the Budget, is designed to encourage banks to offer low-deposit mortgages by ensuring a government guarantee in case of losses.

Both first-time buyers and currant home owners will be able to access the mortgages to but houses worth up to £600,000. It comes as the average price of a UK property coming to market has hit an all-time high of £327,797, according to research from property website Rightmove.

Housing Secretary Robert Jenrick said ministers want to turn 'generation rent' into 'generation buy'. He added: 'For too many people, no matter how hard they work, home-ownership can seem out of reach. One of the biggest divides in our country has been between those who can afford their own home and those who cannot. That's why we are determined to do everything we can to help hard-working families and first-time buyers get their feet on the housing ladder in an easy and affordable way, to level up this country.'

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A new drive to revitalise high streets is under way. Planning restrictions will be relaxed so that empty shops can be turned into flats, cafes or restaurants more easily.

Housing Secretary Robert Jenrick says full planning applications will no longer be required to convert unused retail premises for residential use. It will also become easier to change the use of empty business spaces into cafes or restaurants.

The package of planning measures will also a 'fast track' scheme for extending public buildings, such as hospitals, schools and colleges. These are currently allowed to build small extensions without the need for full planning applications, but the new rules will take this process further and faster with a more streamlined system. The Ministry of Housing, Communities and Local Government says converting unused commercial buildings into homes will encourage more people to live near high streets and use the areas for both work and leisure.

It insists that homes built under the new system will be subject to high standards , ensuring that they provide adequate natural light and meet space standards. Thousands of shops have shut during the past 12 months as the pandemic hugely accelerated changes already being forced on the High Street by the rise of online shopping. Mr Jenrick said: 'We are creating the most small business friendly planning system in the world to provide the flexibility needed for high streets to bounce back from the pandemic. By diversifying our town and city centres and encouraging the conversion of unused shops into cafes, restaurants or even new homes, we can help the high street adapt and thrive for the future.

The government has also announced changes to permitted development regulations to ensure demolition of unlisted heritage assets, such as statues, memorials and monuments, must be approved by planners. 

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In the estate agency business you learn more about people, community issues, life and the impact of government, than any other profession that I know of.

                                                                                                                                                                                   Johnny Isakson

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First - time buyers must typically find £59,000 for a deposit, research shows. The figure has risen by nearly 312,000 in the past year, Halifax says.

Rising house prices and requirements for a bigger deposit as a proportion are to blame for the rise.

The average deposit - about a quarter of the asking price - is highest in London at £132,685, with Northern Ireland the lowest at £30,150. Andrew Asaam, Halifax mortgages director, said; "Raising a deposit is still the biggest struggle for those looking to take their first step on to the property ladder."

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Britain's most expensive rental house is up for grabs - at a cost of £238,333 a month!

That's the same price as a decent four-bed semi in Sheffield with mortgage payments of just £959 a month.

For £2.8 million a year, tenants get the six bedroom property in London's exclusive Chelsea.

The detached five-storey Victorian home comes with its house manager and chef. It boasts a swimming pool, sauna, lift and concierge service.

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  3. HOW WILL THE MOVE AFFECT HOUSE PRICES?
  4. GOOD NEWS FOR HOUSE BUYERS

Why Sell Your Home With Fox Estate Agents?

  • Fox Estate Agents have won multiple awards based on extremely high standards of Customer Service.
  • Chris Fox FNAEA has over forty years experience and is backed by a highly experienced, dedicated team.
  • You will have a personal Sales Progressor overseeing your transaction.
  • Fox Estate Agents is an NAEA Propertymark member firm and are also members of The Property Ombudsman Scheme.
  • Our Terms of Business are, No Sale, No Fee and we are here to assist you seven days a week.

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  • We are 100% satisfied and cannot recommend Fox Estates strongly enough. The team were extremely professional, friendly, and approachable from the minute we asked for a valuation right until completion. Their knowledge of the local area was spot on and made the difference on the sale of our house. We are grateful to Chris in particular for his attention to detail, responsiveness to emails and a willing pro-activeness to help keep things moving. I would not hesitate in recommending Fox Estates to my friends and family..

  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

  • Chris is very efficient and professional at all times. He made the sale of our property effortless and acted beyond the call of duty on our behalf.

  • During my career I have come across many estate agents and Chris really is a true professional, with the highest standards of integrity and professionalism I have seen. As well as having referred him to my own clients and had excellent feedback, I have personally used Chris to sell my property and I have been extremely impressed, and would recommend him to everyone.

  • I instructed Chris to sell my house and when he found a buyer the sale went through in just over 6 weeks. His service was excellent and I would recommended him to anyone. A few months later my mum instructed him to sell her house and again he found a buyer and the sale progressed to completion without a problem. Chris is very knowledgeable and professional and he will give you a very helpful, friendly and attentive service. If you are thinking about buying or selling I would suggest you give him a call

  • I employed Chris Fox to sell my parents home when my mother died last year. He handled the sales with professionalism and respect for my family. He was very eager to secure the right sale and was tenacious on our behalf. He kept us fully informed of all developments during the sale and achieved a very good outcome on our behalf. I would recommend Chris Fox wholeheartedly.

  • AFTER 4 MONTHS OF AGGROVATION WITH ANOTHER ESTATE AGENT I APPROACHED CHRIS ABOUT 2 MONTHS BACK, I EXPLAINED THAT I HATED ESTATE AGENTS, CHRIS HAS GONE A LONG WAY TO REPAIRING THAT IMAGE HAVING DONE A SPLENDID JOB IN SELLING MY HOUSE WITHIN 3 DAYS THE WHOLE PROCESS TOOK 6 WEEKS TO THE POINT I HAD MOVED EXCELLENT ATTITUDE AND A TRUE PROFESSIONAL

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