HomeBuy Direct Offers Calm in the Eye of the Storm

Alarm bells were once again sounded for potential first-time buyers last week as the BBC revealed that the average deposit required currently stands at £37000. This is a sorry state of affairs but I am continually frustrated with the bad news bias that continues to dominate the housing market post recession.

Make no mistake – banks are still offering their best mortgage deals to those with access to large deposits and as house prices continue to rise (the average price currently stands at £139000*) this puts further strain on those who haven’t got extensive savings or can turn to the ‘Bank of Mum & Dad’ for help.

But the truth of the matter is there has never been a better time to buy. There are a record number of incentives to aid first time buyers make that step onto the property ladder without lending dangerously high amounts of cash from the banks.

Shared equity scheme HomeBuy Direct has gone from strength to strength since its launch in 2008 and we were delighted to hear of Grant Shapps’ recent reassurances that there are no plans afoot to scrap the scheme which has helped thousands of buyers onto the property ladder. First time buyers can take advantage of purchasing a new home with a minimal deposit and a mortgage as low as 70% of the property’s value.

We also have schemes of our own to offer first time buyers the incentives to buy without breaking the bank. Our own shared equity scheme MiWay continues to offer buyers a lifeline and our latest incentive Deposit Match rewards customers for saving their cash by doubling the amount they have giving them a more sizeable down payment.

My advice would be to take this recent scaremongering with a pinch of salt. Today’s first time buyers have an extensive support programme available to them the likes of which has never been seen before. Now really is the time to conquer the challenge and buy.

* http://www.bbc.co.uk/newsbeat/10615736

By Sue Warwick National Sales and Marketing Director Miller Homes