NEW research puts first time buyers in the driving seat – suggesting a six-year high in the number of FTBs, a drop in the average deposit and a lean towards Help To Buy.
Figures released as part of the First Time Buyer Opinion Barometer (carried out by LSL Property Services plc) marks great news not only for those looking to step onto the housing ladder, but for developers offering new homes through Government-back cost curbing incentives.
Highlights of the report:
- The highest number of first time buyers since 2007 – up eight per cent in December 2013 (29,000 for the month) and 30 per cent year on year.
- The average first-time buyer deposit dropping by 3.6 per cent in 12 months – falling to £26,533.
- A climb in house prices led to an 11 per cent rise in the average mortgage during the past year.
- Half of first time buyers and tenants think Help to Buy will make it easier to get onto the property ladder in 2014.
- A third of people currently renting say they are more likely to buy because of Help to Buy.
- Nine out of 10 first time buyers (92 per cent) are aware of the Help to Buy scheme – with seven per cent of recent buyers using the scheme to help them get onto the housing ladder.
- In Yorkshire and Humberside, the FTB average purchase price is £120,519 average deposit is £15,648 and average mortgage £105,825.
Regional award-winning house builder Linden Homes has enjoyed huge success in helping first time buyers and existing homeowners, move through Help to Buy.
Current company figures reveal that 47 per cent of new homes sales are through the Help to Buy incentive and 44 per cent of sales are to first time buyers aged 30 and over.
With a portfolio of properties ranging from chic apartments to family homes – there is something for every budget, taste and living requirement at Linden Homes’ range of developments.
And with the scheme available at most developments – now is the perfect time to think about moving with assistance from Help to Buy.
Here’s how it works:
- Help to buy is available on new build and some second hand homes.
- Purchasers need a minimum five per cent deposit.
- All homebuyers could be eligible, not just first-time buyers.
- The government will lend you up to 20 per cent of the value of your new build property through an equity loan, which can be repaid at any time or on the sale of your home. (This loan is not available on second hand homes.)
- Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.
- The maximum home purchase is £600,000.
Linden Homes sales director Steve Woomble said: “This latest report on first time buyer activity does make interesting and encouraging reading – and for the Help to Buy scheme in particular, which for us as a new homes developer means we can meet the growing needs and ease the financial burdens of those looking to step onto the housing ladder.”
-ENDS-
For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk
