Tuesday, April 25, 2006
Category:
Property
Construction companies are offering first time buyers a foot on the property ladder by offering them affordable schemes.
Research from Halifax, published on January 28th, showed recently that first time buyers have to save for an average of five years before being able to produce the deposit on existing houses – something which new homes do not necessarily require.
Property marketing schemes offer a range of deals designed to attract first-time buyers, including assistance with stamp duty, legal and financial fees, generous shared-equity arrangements and joint-ownership offers.
"Quite often first-time buyers can afford the mortgage payments but it's the deposit which they find hard to raise," commented a spokesman for the New Homes Marketing Board.
"This is an area where new home builders can help out by providing special packages specifically tailored to first-time buyers."
With rising house prices pushing the average value above the £200,000 mark and crucially, strong demand continuing to prove robust and sustainable, the climate for first time buyers remains unfavourable.
