Home Sales Network welcomes Government's FirstBuy scheme, but will it help?

Following the Budget speech announcement (23 March) that there will be a £250 million shared equity scheme within the UK - designed to help first time buyers purchase a new-build home on selected properties - a recent survey conducted by Home Sale Network discussed the scheme’s potential affect on the property market landscape.

The year-long programme, called FirstBuy, will provide interest-free loans for the first five years to first time buyers, if they fulfil the eligibility criteria, including a household income below £60,000. The first time buyer would have to commit 5% of the property price, whilst the Government and home builder construction firms would contribute 10% each with the policy expected to reach just over 10,000 first time buyers.

From its survey, Home Sale Network, a national network of independent estate agents across England, Scotland and Wales found that over 70% of its members welcomed the introduction of a new shared equity scheme for first time buyers although given that it is in the early stages, the majority* of Network respondents indicated that the scheme had so far not made an impact on the numbers of buyers entering the market.

Seamus Smith from Thomas Morris, the member for Home Sale Network in Huntingdon said, “We welcome any new policy the Government introduces to boost the property market and we will watch this scheme with interest. If you’re thinking of moving then contact Thomas Morris today. As a Home Sale Network member, we are Huntingdon’s Local Expert for this area and can not only help you to sell your current home but assist you in finding the right property.”

*99% of Home Sale Network respondents