A surplus of newly-built homes in the UK could help kick-start opportunities for the first-time-buyer over the next 12 months. That’s according to one industry expert who says newly built homes are the key to the door for young people desperate to have a place of their own.
According to Vernon Pethard, managing director of newhomesforsale.co.uk, becoming part-owner of a new home is now the most popular solution. 30% of all property searched on newhomesforsale.co.uk is now for shared ownership developments, and with demand at an all time high, the site now features a dedicated section.
Pethard says there are growing opportunities and great deals to be had:
“Securing a mortgage is still the major challenge for a young person but part-ownership is proving an increasingly attractive option.
“There are several different shared ownership schemes designed to assist homebuyers. Some are offered by the developer and some via housing associations, which are available to eligible house-hunters.”
It was recently revealed that the average age of a first-time buyer, excluding those who receive financial backing from family, is 38. Given the costs involved, it comes of little surprise to learn that the younger generation struggles to obtain a mortgage.
Pethard says:
“Newhomesforsale.co.uk has a waiting list of hopeful first time buyers who have signed up to its 'alert' service. This ensures they will be among the first to know when new shared ownership developments become available.
“Part-ownership has taken over the previous trend, which was to buy with a sibling or friend. This method means that they can significantly reduce the costs, without risking personal relationships in the process.”
