10 Nov

Most first-time buyers not aware of shared homeownership schemes

Most first-time buyers not aware of shared homeownership schemes

The majority of first-time buyers looking to buy houses for sale in the UK are not aware of homeownership schemes, a survey has found.

Halifax released findings today (November 10th 2010), which showed that 72 per cent of people said they would not think about buying a property through shared ownership or equity initiatives.

Research found that one-fifth of respondents believed the costs of paying a mortgage and monthly payments could become too expensive.

However, 69 per cent of the people who said they would look into them thought it would make purchasing properties for sale more affordable.

This comes after Rightmove revealed earlier this week that the drop in house costs has encouraged a recovery in the first-time buyer market.

Findings showed that the proportion of people aiming to get on the property ladder over the next 12 months rose from 22 per cent to 26 per cent over three months.

These first-time buyers could be inclined to enter into a shared ownership scheme, after 40 per cent of people who said they would consider joining the initiative thought it would help them buy in an area they would otherwise not be able to afford.ADNFCR-1222-ID-800228456-ADNFCR

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