first-time buyers

Exploring Help to Buy and Shared Ownership schemes

Photo of new home example of available on shared ownership scheme or help to buy schemes in UK

Have you ever heard the words “shared ownership”, or “Help to Buy” but always wondered exactly what people were talking about?

The world of affordable home ownership might seem like a complex one, particularly for first-time buyers, but here at HomeFocus we strive to cut through the jargon and tell you exactly what you need to know.

Thanks to the sky-high prices of homes and houses nationwide, people right across the country are being priced out of the open market, and add that to the extortionate cost of renting, it’s no wonder that people are struggling to get a foot on the property ladder.

However, there are affordable home ownership schemes in place to help you buy your own home - and the key word there is affordable.

Why you should take that first step onto the property ladder...

Mark Homer of Progressive Property on when to get on the property ladder

Mark Homer, co-founder of Progressive Property, explains why people thinking of stepping onto the property ladder should try to get there sooner rather than later…

Why is Help To Buy a good option for first-time buyers who want to get onto the property ladder?

Help To Buy is a great option for many first time buyers as it allows them to purchase a house or a flat, often new and with a warranty. The homes are usually complete with flooring and almost everything needed to move in (bar furniture) and you can get this in some cases with a 5% deposit. This usually means that first-time buyers need to save for much less time, therefore getting on the housing market earlier and allowing them to build equity.

Harri and Georgie secure first home at Crest Nicholson’s Artisan

First-time buyers

First-time buyers Harri and Georgie had been living down the road from the development for some time, and felt that now was the right time to buy. The couple used the Government’s Help to Buy scheme to buy their new home, meaning that they only needed a 5% deposit to secure their new home. The rest was covered by a 75% mortgage, and a 20% loan from the Government.

Georgie said:

“There are only a few developments in Brighton and Hove that have properties on the Help to Buy scheme, so when we saw Artisan being built we were really interested.”

While drawn to the great location and fantastic quality of the properties, it was the communal rooftop and private balcony that had them sold.

Credit where credit is due

Credit where credit is due

The way that first-time buyers prepare their finances before they get on the property ladder is being revolutionised and largely driven by tech. But how? There used to be two main ways anyone on an average salary could buy their first home. These were to either scrimp and save for a deposit or borrow cash off their parents. But whichever way they did it, many were disadvantaged by a poor credit report. Maybe they had defaulted on a mobile contract when they were younger, or missed a loan payment, for example.

Now, tenants can do something about this. Anyone who is saving up to buy a property can use their regular rent payments to improve their credit history and therefore their chances of getting the best mortgage deal.

First-time buyers drive housing boom

First-time buyers drive housing boom

House prices have hit record levels with sales in the housing sector hitting a 10-year high, despite fears about the impact of Brexit and pre-election nerves on the economy - a report claims. 

In what’s been dubbed a ‘Brexit boom’, the average price of property coming to market in April 2017 rose by £3,547 to £313,666, up by 1.1 per cent on the previous month. The average asking price in March 2017 was £310,108.

The number of sales agreed this spring was the highest since 2007, before the credit crunch. Sales are up 10 per cent on spring 2016.