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."
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