24 Jun

First-time buyers account for ? of affordable housing sales

First-time buyers account for ? of affordable housing sales

First-time buyers are stepping onto the property ladder by investing in affordable housing, according to a new study by the Halifax.

It said that 65 per cent of sales of this type of home were to newcomers, compared to 40 per cent of all property purchases made by this type of buyer in the 12 months to April 2013.

The report also revealed that there were 147,372 purchases of homes by all buyers through the various shared equity and ownership schemes in 2012/13.

These have proved very beneficial to first-timers, with 40 per cent of all affordable home purchasers aged between 20 and 29. This is higher than the 25 per cent of all buyers who were also in this age bracket.

Craig McKinlay, Halifax mortgage director, said that affordable home ownership schemes can help people realise their ambitions to become homeowners, whilst also giving a potential boost to house building levels, thus alleviating supply issues.ADNFCR-1222-ID-801602773-ADNFCR

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