Blend Network has welcomed policies from the Budget that will inject optimism and confidence into the property market and give clarity to its developers.
The peer-to-peer property lending platform said that the extension of the stamp duty holiday and the 95 per cent government guaranteed mortgages for first-time buyers has given the property market confidence.
The platform said these policies will lead to the price momentum to continue over the next few months and will mean many of the developers it speaks to who had been sitting on projects awaiting more clarity, will decide to go ahead with their projects.
Blend Network expects the extension of the stamp duty holiday on purchases worth up to £500,000 to be particularly positive for the segment of the market the platform operates in.
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“As mentioned, we at Blend Network very much welcome the strength of the housing market and the positive news announced in the Spring Budget,” Blend Network said in a blog on its website.
“Looking ahead to 2021, we do believe that our strategy at Blend Network of funding low-cost housing targeted to first-time buyers is now more relevant than ever before.
“Since we launched, we bet on this strategy because we identified that the UK has a structural shortage of housing. Our strategy of funding £100,000 to £200,000 flats or £200,000 to £400,000 houses has so far proved right, and we believe this will be the case even more so now.”