April 27th, 2016
The first step towards home ownership was always going to be the scariest one you’ll take on the property ladder. Recently however, it has been made a much simpler one, thanks to the Government’s Help to Buy scheme, which has allowed first time buyers to get themselves a foothold in the property world.
Whilst this in itself is a great time to be a first time buyer, it could in fact get even better. The National Association of Estate Agents revealed that in March, first time buyer home purchases rose to 28% of property purchases.
This is a huge 4% increase on February, and estate agents expect this figure to rise again due to the buy-to-let stamp duty reforms. The new laws in place have increased the number of landlords avoiding buying a second property, which has left the market open for first time buyers.
As there is less competition, there are now more homes available for first time buyers to snap up. NAEA’s managing director, Mark Hayward states: “In the last few months first time buyers have had to compete with landlords for the same properties, and those landlords have really pushed hard to complete ahead of the rise in stamp duty. Now, in theory, things should get easier for first time buyers – as we have seen with a slight increase in sales this month – as those seeking to buy to let will tail off.”
If you’re a first time buyer looking to buy a new home, visit your local development where one of our trained sales advisors can help you to begin your customer journey.