Houso

Are you planning on purchasing your first property? If so, you are at a significant and momentous time in your life. Nowadays, buying your own home is an achievement that you should be very proud of. Last year national statistics indicated that 33 is the average age of first-time buyers in the UK.  Many of these people devoted their entire 20s to saving as much as they can, just to get enough finances together to put down a deposit on their first home.

We understand that obtaining a deposit is no easy feat and definitely something to be proud of. High bills, rent and the temptations of up keeping a social life, make saving up for a deposit extremely difficult for many young adults. In the UK, only 38% of 25 to 34-year olds are homeowners, this is down 55% from last decade. We consider that these low figures are typically related to increased house prices and lower incomes. For those of you who are struggling to gather enough funds towards your first property, the team at Houso want to offer you some good news. The UK government has a scheme for first-time buyers, called the ‘Help to Buy’ scheme, and this will run until 2023.

Help to Buy is a scheme that aids first-time buyers when purchasing their first property. With Help to Buy, you can get on to the property ladder with just a 5% deposit. There are only two simple rules – properties must be worth no more than £600,000 and newly built. You can borrow as much as 20% of the purchase price and if you live in London, you can borrow as much as 40%.  There are zero interests or fees for the first five years, the sixth year there is a 1.75% interested and thereafter the fee rises by inflation based on the Retail Prices Index (RPI) plus 1% each year.  Not bad when the average mortgage lender 5-year rate currently stands at 2.35%. We consider this scheme as a no-brainer for first-time buyers looking to purchase a brand-new property. If you have any further questions regarding this great scheme, the Help to Buy helpline is 0300 555 0333.

You can search for new built properties in your area using Houso – we work with local developers who list their latest homes on the app, on or even off-market which helps you get an idea of the type of houses to soon become available in your area. Download Houso today on iPhone or Android to find your new home!