Notting Hill's response to Budget help for first time buyers
28 March 2011
George Osborne with the budget box outside Downing Street - copyright HM Treasury
Last week, as part of the 2011 Budget, George Osborne unveiled a £250 million scheme to help 10,000 first time buyers who want to buy a new build property.
We asked Mark Vaughan, Managing Director of Notting Hill Home Ownership for his thoughts.
"This [first time buyers] scheme is good news for those who can afford mortgage payments combined with the interest free loan proposed in the Budget. It's initiatives like this that will help young buyers take their first step onto the property ladder, and we are pleased to see that first-time buyers are finally among the Government's priorities.
Consider other options like shared ownership
"However, the scheme is likely to reach only a few thousand would-be buyers out there, and affordability is likely to remain an issue for many. It's important that buyers consider all possible options if they are to be helped out of the rental market and that the Government does more to make them aware of these options.
"Shared ownership, for example, has been designed specifically to ease the financial constraints met by first time buyers. As you only buy a share of the property, the deposit is relative to that share and could start from as little as £5,000, making it a much more affordable option for many."
Buying a home outright
Mark concludes:
"Very few people can afford to buy a property outright these days, so it's vital that first-time buyers are aware of all possible options to finance their first home."
More information
For more information on shared ownership or to discuss how Notting Hill can help you find a home you'll love, contact us on 020 8357 444 or sales@nhhg.org.uk.
Categories: Home sales, Building new homes, Our business
Tagged: Developer, Shared ownership, New build property
