FTBs boosted by affordable housing schemes - Mortgages - News - Moneyfacts


FTBs boosted by affordable housing schemes

FTBs boosted by affordable housing schemes

Category: Mortgages

Updated: 24/06/2013
First Published: 24/06/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The latest Halifax Affordable Housing Review has revealed first-time buyers accounted for 65% of all house purchases carried out via affordable housing schemes over the past twelve months.

Various initiatives launched by the Government over recent months, designed to provide young people with a foot onto the property ladder, have proved popular amid ongoing difficult mortgage market conditions.

Around 40% of people aged between 20 and 29 sought assistance through affordable housing schemes to purchase their first home, compared with 25% of all first-time buyers across the overall market.

A typical property purchased by first-time buyers under schemes such as Help to Buy or NewBuy over the past year stood at £141,245, whilst the average price paid on a first home across the whole of the market during the same period stood at £142,839.

Mortgage director at Halifax, Craig McKinlay, said: "Many of the affordable home ownership schemes available have been designed specifically to help first-time buyers get on the ladder and boost new build sales.

"They can help people realise their ambitions to become homeowners, whilst also providing the potential to boost levels of housebuilding, which could help to alleviate housing supply issues."

What next?

Search all mortgages
Mortgage calculator

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

The time is now for remortgaging

Mortgage borrowers have been urged to review their existing deals after it was revealed that remortgage opportunities continue to flourish in the post-Brexit vote world.

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.