£5billion Recovery Plan & New Housing Deal For The UK - PM

Prime Minister Boris Johnson has announced the next move to make the United Kingdom 'stronger than before'. He intends to boost the pandemic stricken economy with a huge £5billion recovery plan.

This news comes with a promise to help Britain, "build, build, build" its ways out of the coronavirus crisis.

Hope for first time home buyers

The new plan also covers first time home buyers who wish to acquire some property.

Finances have received a direct hit by the pandemic as it caused thousand to b furloughed. The property market was closed during the peak of the lockdown.

Experts say a recession is looming and imminent. But the Prime Minister's plan hopes to get the country on track.

The government continues to incentivise buyers and sellers to stay active. To help people save their finances and pay lesser mortgage amounts, it has slashed interest rates.

First-time homebuyers still have a few challenges to hurdle in this economy. Property Reporter shares helpful tips if you wish to acquire a home this year.

The Telegraph talks about the rise of the "Bomad" or the bank of mum and dad as low-deposit mortgage lending has taken a dip. First-time buyers have been squeezed out of the housing market and lenders are demanding for higher deposits.

Studies show that Bomad lending is expected to skyrocket up in the post-pandemic market.

Read the rest of the article, here: "'Bank of Mum and Dad' lending to surge by £700m as post-COVID market shuns first-time buyers"