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.

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.