The growth plan: how it affects the property market

The growth plan – a reminder of the proposed changes

The Growth Plan is a package of proposed changes that will affect the property market. This package includes measures to cool the real estate market, improve access to capital for home buyers and developers, and increase scrutiny on pre-sold properties. Make sure you’re fully aware of these changes by watching announcements about events geared toward making sure you’re fully aware of what’s happening.

How did Covid affect house prices?

Since Covid, house prices have risen significantly. Many banks use this growth strategy to increase lending, which in turn, increases demand for housing. This increased demand has caused house prices to rise, affecting the property market. It’s crucial to stay up-to-date with changes in the market so that you can make informed decisions when buying or selling property.

What is happening to house prices now?

The growth plan has had a significant effect on the property market. Prices have increased significantly in some areas, while others have remained relatively stable. If you’re looking to purchase a home, now is a great time because prices are still high compared to other years. It is important to research and understand how the growth plan will affect your area before buying a property. There’s no doubt that the market is changing, so it’s important to stay up-to-date on all the latest news and trends to make sure you’re making the best decisions for your future.

Mortgage application declined? Here’s how to improve your chances.

If you see a decline in mortgage applications, don’t panic. The market is just slow at this point, and many people still want to buy property. However, here are some tips to improve your chances of being approved:

1. Have a solid credit score.
2. Be prepared to put extra money into your home (20% is typical).
3. Rent out your current property or find an investor to finance it.
4. Keep up with regular updates on the housing market - this way, you'll be aware of any changes that may affect your application.

What’s the difference between a mortgage deposit and an exchange deposit?

A mortgage deposit is a sum of cash that you put down as security when you apply for a mortgage. The difference between a mortgage deposit and an exchange deposit is that your employer guarantees the mortgage deposit - in other words, it’s more secure. This means that the mortgage lender is less likely to call in the loan if there’s a problem with the property, and you’ll also get a tax deduction for the deposit.

If you’re buying a property, your contract of sale may state that your mortgage or exchange deposit must be transferred into the property within a specific period. If this doesn’t happen, then you could end up losing out on the part of your money. Make sure you track when the transfer is due so you can take advantage of your investment.