Government provides new-build help for first-time buyers

A NEW Government-led initiative to help first-time buyers get on the housing ladder has been welcomed by Saffron Walden estate agents.

Following the budget announcement (March 23) that there will be a �250 million shared equity scheme within the UK – designed to help first time buyers purchase a new-build home on selected properties – a recent survey conducted by Home Sale Network discussed the scheme’s potential affect on the property market landscape.

The year-long programme, called FirstBuy, will provide interest-free loans for the first five years to first time buyers, if they fulfil the eligibility criteria, including a household income below �60,000.

The first time buyer would have to commit five per cent of the property price, whilst the Government and home builder construction firms would contribute 10 per cent each with the policy expected to reach just over 10,000 first time buyers.

From its survey, Home Sale Network, a national network of independent estate agents across England, Scotland and Wales found that over 70 per cent of its members welcomed the introduction of a new shared equity scheme for first time buyers.

Although given that it is in the early stages, the majority of Network respondents indicated that the scheme had so far not made an impact on the numbers of buyers entering the market.

Kevin Moll from Kevin Henry Estate Agents in Saffron Walden said: “We welcome any new policy the Government introduces to boost the property market and we will watch this scheme with interest. If you’re thinking of moving then contact Kevin Henry today.

Most Read

“As a Home Sale Network member, we are Saffron Walden’s local expert for this area and can not only help you to sell your current home but assist you in finding the right property.”

WHAT do you think? Write to us at 54 High Street, Saffron Walden, Essex, CB10 1EE.