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First Time Buyer numbers at a 20 year high!

According to data released by Yorkshire Building Society, new research suggests that the number of first time buyers has gone above 400,000 for the first time since the Great Financial Crisis – The previous first-time buyer peak was as long ago as 2002!

Despite the uncertainties generated by nationwide lockdowns, the Yorkshire Building Society’s latest estimates indicate the number of first-time buyer transactions in 2021 reached a 35% increase on 2020 and first-time buyers now represent 50% of all house purchases with a mortgage. Click here to read the article.

Deposit sizes have increased due to the sudden drop in expenditure during lockdowns and were further boosted by the stamp duty holiday. First time buyers already benefit from stamp duty relief on the first £300,000 of the purchase price but the additional relief on the value between £300,000 and £500,000 (due to the holiday) will have led to an increase in savings for many.

Buying a property can be a daunting process, particularly when you’re a first-time buyer but this is an exciting time to get onto the property ladder and it might just be closer to reality than you first thought!

There are two schemes back by the government; Help to Buy and Shared Ownership, which you can benefit from when making your move onto the property ladder. Have a look below to compare each scheme & how they differ from one another.

Help to Buy Help to buy

Help to Buy is a Government backed initiative which was first launched in April 2013 and is now widely offered on many new build developments. The scheme is making it possible for lots of first-time buyers who are struggling to save a large deposit & afford a mortgage to get on the property ladder.

In a nutshell, it makes it possible to buy a property with a 5% deposit and 75% mortgage. The Government will lend buyers up to 20% of the value of the property which can be repaid within 25 years (or on the sale of your home, whichever is sooner). This loan is interest-free for the first five years.

Both houses and apartments are available through the scheme but the value of the property you’re purchasing can’t be over a specified regional price cap. The regional price caps for Hertfordshire is £407,400.

  • New build homes
  • First time buyers only
  • Minimum 5% deposit required
  • Purchase price up to £407,400 within Hertfordshire
  • 5 years interest free
  • Subject to eligibility criteria

Click here to read more about the Help to Buy scheme.

Shared Ownership first time buyers

Shared Ownership gives first time buyers and those that do not currently own a home (or you’re in the process of selling your current home) the opportunity to purchase a share in a new build or resales property.

Shared ownership makes it easier for buyers to afford their home, as the amount of money required for a deposit is much lower than when you buy a property on the open market. In some cases, you can start with owning as little as a 25% share – and you only pay a deposit on your share which can be as low as 5%!

The main points of the criteria are:

  • Must be over the age of 18
  • Outside of London your annual household income is less than £80,000. Inside London this is £90,000
  • You must not own another property
  • You should not be able to afford to buy a home on the open market
  • You will need to prove you have a good credit history

Click here to read more about the shared ownership scheme.

Why buy new?

New homes are designed to fit around your and your family’s life. You will find well designed new build homes that are smart with space, offering flexible and happy living spaces. A new home is your freshly painted blank canvas. Some developers may offer you a choice on your new kitchen, bathrooms or flooring that you can personalise to your needs and taste.

Even if the house is complete, most builders will have had expert advice on those interior fittings which would have been selected from the latest ranges and will be of a high specification.

So, what are you waiting for? Contact our dedicated new homes team today on 01923 606056 to start your journey in becoming a homeowner!