Autumn statement is welcome news for first time buyers
At Peter Alan we believe that George Osborne’s Autumn statement will bring confidence to the market for first time buyers. The Chancellor’s housing plans are designed to give first time buyers a boost towards owning their own home and include doubling the housing budget to £2bn, building 400,000 affordable new homes by 2020 and bringing in a ‘Help to Buy Shared Ownership’ scheme, giving more people the opportunity to buy through shared ownership.
“This is very encouraging news for first time buyers who might have thought it impossible to get onto the property ladder,” says Andrew Barry, Peter Alan Managing Director, “With half of the new affordable housing planned to be starter homes and another third planned to be shared ownership, prospective home buyers will be able to choose from a range of options to suit them. This will make buying a first home more accessible to everyone and encourage prospective first time buyers to take the plunge.
“The Government’s plans should also affect the general housing market in a positive way – by building more homes and creating more stock, home movers should benefit from a more even playing field,” Andrew continues. “We hope that these changes will boost confidence within the property market and particularly for first time buyers whose dreams of owning a home might now be within reach.”
If you are thinking of buying for the first time and would like advice on the local property market, contact your local branch.