First-time scheme has a low profile
AROUND 45 per cent of potential first-time buyers say they are now more likely to get on the housing ladder thanks to the Government’s Firstbuy scheme.
But the research, by Rightmove, does raise some causes for concern. More than a third (37 per cent) of first-time buyers stated that they had not heard of the scheme.
Rightmove director Miles Shipside says: “It must be asked whether more can be done to drive awareness.”
The scheme allows first-time buyers to purchase a new-build property using a five per cent deposit, with a further 20 per cent deposit provided in the form of a five year interest-free loan jointly funded by the Government and the house builder.