Schemes to help first time buyers?

For first time buyers there have been number of factors have over the last few years that have conspired to make the dream of owning their own home increasingly difficult.

Spiralling property prices have put all but the most basic of accommodation beyond their means. Recent falls in property prices have certainly helped first time buyers but at the same time as house prices have fallen so mortgage lenders have toughened up their lending criteria, reducing the amounts available, demanding increased deposits and making it more difficult to secure mortgages.

Mindful of the fact that first time buyers are a powerful driving force behind the whole of the property market, steps have been taken to help them get their collective feet on the ladder. New Build HomeBuy (a shared ownership, usually with a Housing Association) and Open Market HomeBuy that includes a 25% ‘top up’ are just two of the Government’s recent initiatives to help.