Purchasing a new home is a possibility for more first-time buyers thanks to the government's HomeBuy Direct scheme, according to property developer David Wilson.
Sales director Philip Lacey said the scheme offers a "lifeline" to those looking for
affordable homes during credit-crunched times.
"The main advantage is that you don't necessarily need a big deposit," he commented, adding that increasing numbers of people are using shared equity schemes to buy a new home.
HomeBuy Direct is a particularly popular shared equity option, according to Margaret Allen, regional director for the Homes and Communities Agency in the East Midlands.
She said the government initiative does not only help people buy
affordable homes, but that it also helps to "stimulate the building of new homes".
First-time buyers who are approved for the scheme are given an equity loan of 30 per cent or less of the purchase price.
Those eligible for the scheme include households whose annual income is under £60,000 and who are unable to find
affordable homes on the open market in the area where they work or live.
See Also: Property News (6699)
Date Published: 01 December 2009
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