Harder for first-timers

Statistics, recently collated in a survey by property website ‘new-homes’, have shown that a staggering 89 per cent of 18-34-year-olds who don’t own a property wish they could.

But 74 per cent perceive it to be harder now to get on the property ladder than it was five years ago.

The figures don’t make particularly pleasant reading for young prospective homeowners and families.

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Measures are being introduced, however, to rejuvenate the housing market and present purchase opportunities, particularly for first-time buyers. These include a range of initiatives from house builder Miller Homes.

“We recognise that buyers, particularly those looking to take a first step on to the property ladder, have found themselves in challenging situations and we continue to find new ways in which we can help,” said Steve McElroy a sales director at Miller Homes.

“One initiative that we have embraced is the Government backed ‘FirstBuy’ scheme which helps first time buyers in the form of equity share.”

Buyers qualifying for the scheme have the opportunity to select one of the Firstbuy properties available and to purchase 100 per cent of their home by paying up to 80 per cent of the value now, with both Miller Homes and the Government equally funding the remaining 20 per cent in the form of an equity loan.

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“Since the launch of FirstBuy the Yorkshire region has seen high levels of demand,” said Steve.

“Buyers are delighted that they are able to not only get financial assistance but also seize the opportunity to move into a brand new home offering them long term security and stability.”

The initiative is available to buyers with less than £60,000 annual income and who do not currently own a property.