Todays Budget Gives a Helping Hand to First Time Buyers
George Osborne has announced some interesting measures that will help first time buyers onto the housing market. This comes in the form of two new available schemes, both focused on the new build sector and showing an obvious need for more UK Housing. If you are looking for an existing sale of your house, unfortunately today’s efforts won’t do anything to help ease the strain of thousands in the UK who are desperate to sell their home.
The first scheme allows first time buyers to come up with only 5% deposit with the other (typically) 20% summoned by a interest free loan from the government, which is payable once the house is sold. However, there is a slight catch the Loan will indeed be interest free but it is unclear what the interest will be after 5 years. The buyer has to earn less than £60,000 and of course there is still the major issue of having a perfect credit score.
The other scheme is also focused on new-builds, so once again if you are thinking of selling your existing home privately this simply won’t help. This is a shared ownership scheme whereby you buy part of your home and rent the other.
Today’s announcement may help many thousands onto the housing market, however it may also detract many from buying existing homes for sale.
If you are struggling to find a buyer and may even be considering a sale of your house through auction. You may not need to take these desperate measures, many have found our offers to be fair and reasonable. Ask for our market leading offer which others simply can’t match.
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