With new research revealing that the majority of Brits are confident they will own their own home, developer Linden Homes Midlands is predicting a rise in the use of Help to Buy.
Figures* from the survey suggest that 95 per cent of respondents are hopeful of owning a place of their own, with 60 per cent thinking they will do so by the time they are 30.
The most common age of a first time buyers being between 25-30, says the survey.
This is great news for developers like Linden Homes Midlands, who have already enjoyed huge success and assisted numerous customers meet the dream of owning a new home through the Help To Buy scheme.
Using data from the Department for Communities and Local Government, Linden Homes regularly conducts its own research.
Based on the latest statistics (July 2016) and for the third quarter running, the Midlands region saw the highest volume of Help to Buy sales across the Linden Homes group, with the scheme accounting for over half (52 per cent) of all sales for that area – up one per cent on the previous quarter.
The Help to Buy scheme was launched back in April 2013 and applies to a range of potential purchasers, including first-time and next-time buyers on properties up to the value of £600,000.
Buyers are required to provide just a five per cent deposit to then borrow a further 20 per cent from the Government in the form of an equity loan – leaving them needing only a 75 per cent mortgage agreed by their bank or building society to secure their home.
Clare Phillips, sales director at Linden Homes Midlands, said: “Our regular study into Help to Buy has highlighted some trends which allow us to monitor the effectiveness of the scheme and specifically identify who it is helping.
“What’s encouraging to see is use of the scheme by those buying their first new home – particularly now in light of this recent research into home buyer aspirations.
“It will be interesting to see what the next quarter holds and if these trends continue, or if we start to see those looking for their next home come into the market and utilise the Government funds still available.”
With 95 per cent of Brits confident of owning their own home,
*Research icount.co.uk Aug 2016
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15 September 2016