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'More hope' over buying first homes

A study has revealed that almost 50 per cent of would-be first-time buyers are more hopeful of getting on the housing ladder due to the FirstBuy scheme, announced by the Government in the March Budget.

The scheme enables people to buy a new-build home with just a five per cent deposit, an outlet which offers real hope in a struggling economy for those wanting to access mortgages.

However, more than a third of respondents (37 per cent) still did not know of the scheme, the survey of 2,400 people by suggested. And of those who did know, 22 per cent did not understand whether it could help them buy for the first time.

But the study found that 45 per cent reckoned they were likelier to be able to buy because of FirstBuy.

The scheme could be "a real boost for many", according to Rightmove director Miles Shipside, who said FirstBuy was introduced to help more first-time buyers get on to the property ladder.

Copyright © Press Association 2011

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