With spring traditionally a busy time in the new homes industry – first-time buyers continue to sit firmly in the driving seat thanks to positives like lockdown savings and attractive incentives.
Developer Linden Homes (part of Vistry Group) says that the first-time buyer market remains buoyant, following research revealing that FTBs spent £27.3 billion more on moving in 2021 than the previous year.
Data from the Halifax shows almost 400,000 first-time buyers entered the market, snapping up £86.1 billion worth of the property market – compared with £58.8 billion in 2020.
In the North East, FTBs accounted for £2.3bn in homes sold, up £717m in a single year.
And with first time buyers becoming more discerning, Linden Homes says it is continuing to meet expectations when it comes to development location, new homes specification and attractive incentives.
Linden Homes sales director Steve Woomble said: “With a large percentage of customers being first time buyers, we recognise some of the hurdles they may face throughout their house buying journey and our teams do their utmost to make sure the process is as smooth as possible for these and all our purchasers.
“This ranges from helping them to secure the best mortgage deals through the experts we use, to incentives to help to curb the cost of moving – often leading to the customer being able to buy more property for their money
“We know from the figures that first-time buyers really were out in force in 2021, with many perhaps having used the pandemic to save for a deposit, as well as recognising the many advantages of buying a new build home; which can also offer the flexibility to work from home and cut down on commuting costs.”
One of the most popular schemes for first-time buyers is Help to Buy*, a government-backed equity loan incentive. This is available to first time buyers who are spending up to £228,100 on a new home across the Yorkshire developments - and up to £261,900 at developments in Lincolnshire.
Through the incentive, customers require a minimum five per cent deposit. The government will lend buyers up to 20 per cent of the value of their property through an equity loan, which can be repaid at any time, or on the sale of their home. Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.
And there are other tips and tasks to consider when thinking about securing a mortgage and getting onto the housing ladder in 2022.
Steve added: “Our teams understand that for some buyers, first time or otherwise, the experience can be daunting, and that there are big questions that need answering. However, buying a new house or your first home doesn’t have to be complicated. Being prepared will undoubtedly help, and Linden Homes is here – along with our financial experts - to offer all the assistance we can. First time buyers should never be afraid to ask questions.”
Contact: Cetti Long, Media Matters, 01733 371363; email@example.com
15 March 2022
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