Average deposit reduced to £9,238 for first-time house buyers
New figures from housebuilder Morris Homes have revealed that its first-time buyers are paying deposits of just £9,238 on their homes - £17,621 less than the national average.
Morris says the popularity of the Government’s Help to Buy scheme, which lowers the deposit needed for a new home to five per cent of its value, is opening up property ownership to thousands of first time buyers previously locked out of the market. Over a third of Morris homes are now being purchased with Help to Buy.
According to Santander, more than 1.6 million buyers will use the scheme in 2014. To help buyers get prepared, Morris is hosting a first-time buyer weekend across all of its developments in the Midlands and North West of England on 7th and 8th December.
Buyers attending the event will have the opportunity to discuss their mortgage options and suitability for schemes such as Help to Buy with an independent financial advisor (IFA). Those who go on to reserve properties with Morris before the end of December will also receive either kitchen appliances or fitted carpets throughout their new properties.
Cindy Cade, regional sales director, said: “Help to Buy can help shave years off the amount of time it takes to save for a deposit.
“We constantly hear from buyers who didn’t think home ownership was a possibility, but have been able to move into a brand new home this year.
“We know that there are many more in the same position, so we are hosting our first-time buyer weekend to help buyers learn more about the opportunities available to help them get on the property ladder.”
Mark Clouston, an independent mortgage broker based in Wolverhampton, said: “Help to Buy has given the property market a huge boost this year, and the scheme is incredibly simple to use.
“It’s no surprise that so many more people are expected to use Help to Buy to purchase a property next year, and now is the time for buyers to get fully informed about the opportunities available to them.
“It’s important to speak to an independent mortgage broker to check your eligibility for the scheme and to check exactly what you can afford at the start of your property search.”
The first-time buyer weekend will take place from 10.30am to 5.30pm on Saturday 7th December and Sunday 8th December. Find your nearest development at morrishomes.co.uk.