Managing Director of Millwood Designer Homes, John Elliott, discusses the various options available to help first time buyers onto the property ladder:
Buying a home for the first time is an extremely exciting yet expensive purchase, however the long-term investment and benefits far outweigh the initial spend of getting onto the property ladder. Although home ownership has fallen in recent years, there are more options than ever available to help current first-time buyers.
The cuts to the stamp duty land tax for first-time buyer purchases up to £300,000 outlined in November’s Autumn Budget, are helping over 4,000 first time buyers get on the housing ladder per week, Theresa May has revealed. Also, as many as 58% of millennials currently saving for a house deposit are more confident about achieving their goal following the Chancellor’s stamp duty changes. This is excellent news and will certainly continue to have a positive and significant effect on the lower end of the market. At Millwood, we have a selection of properties currently available under £500,000, benefiting from the new changes to the stamp duty threshold and potentially saving purchasers thousands of pounds.
In addition, the extra £10 billion funding boost for Help to Buy will assist more buyers to get a mortgage with as little as a 5% deposit. In the current new build market, Help to Buy is an extremely important factor fueling activity among first time buyers. Millwood firmly supports the Help to Buy scheme as a means to assisting home ownership, especially for first time buyers. We have seen particularly strong uptake of Help to Buy at a selection of our new home developments. At Woodlands View in Hastings, at least half of the homes sold were purchased through the Government-backed initiative. The scheme is currently available at Little Logmore in Dorking, Windsor Meadow in Marden, Brambledown in Maidstone and The Old Orchard in Sutton Valence.