Government-backed HomeBuy schemes are very important in helping first-time buyers get onto the property ladder, according to an industry expert.
Helen Adams, managing director at housing advisor First Rung Now, said such initiatives provide first-time buyers with “one of the few opportunities” they have to purchase their own property, particularly during the current economic climate.
“The government launching these HomeBuy schemes, including MyChoice, is a great opportunity for them when times are hard – when they can’t get the borrowing they need and house prices are high,” she said.
Ms Adams added potential property owners are also that finding it hard to save enough cash for a deposit on a home .
” HSBC are now allowing them (first-time buyers) to come in at 15 per cent; that’s still quite a lot of money,” she continued.
“One of the few opportunities for first-time buyers is the HomeBuy schemes ; they are really reliant on them as a way forward.”
Figures from the Department for Communities and Local Government revealed that £3.5 million has been invested in the Open Market HomeBuy scheme since its launch in 2006, while completed applications for the housing scheme have exceeded 11,000.