An growing number of first time buyers are turning to cheaper shared ownership schemes and First-Time Buyer Initiative (FTBI) developments, according to leading new homes website, SmartNewHomes.com, which has recorded an increase in buyers opting to ‘staircase’ their way to full property ownership.
Following the recent boost to Government-led affordable housing initiatives, such as National Clearing House and the new £300m shared equity scheme, SmartNewHomes.com has recorded an increased level of both availability and active homebuyer interest on its site, which offers a dedicated affordable homes service. The affordable section of the SmartNewHomes site is designed to help people who cannot afford to buy a new home outright in the current market. It matches up consumers to competitive low-cost and shared equity schemes throughout the country, allowing buyers to buy into a brand new home now.
The website directs home buyers to housing association properties, as well as affordable developer schemes in their chosen location, allowing potential buyers to search by location, budget or affordable homebuilder. Filtering the properties to suit the consumers’ requirements, SmartNewHomes.com is able to put potential buyers in direct contact with those offering suitable homes in their specified location and budget.
David Bexon, Managing Director, SmartNewHomes.com, comments:
“Demand for affordable housing remains strong and there is a wealth of options still available to lower-budget home buyers, despite the restricted finance in today’s market. Housing associations continue to offer attractive low cost and shared equity initiatives, and there is an array of mortgage solutions available to first-time buyers purchasing on an affordable scheme.”
The number of home buyers who have access to housing association property and low-cost incentives is increasing, and there is a range of competitively priced shared ownership available, including deals allowing people to buy into a home for as little as 25% of the full market price.
Bexon adds:
“The expanding availability of affordable shared ownership schemes offers a major boost for buyers, providing a low-risk route onto the property ladder, which allows buyers to gradually increase their share in the home over time. ‘Staircasing’ in this way is particularly appealing in the current climate as buyers can track their own affordability as well as market conditions, and avoid overstretching themselves.”
See Also: Press Releases (371)
Date Published: 14 November 2008
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