Victory for First Time Buyers

I for one have been wearing a smile since George Osbornes budget announcement. The reason? A guaranteed investment in first time buyers.

The Firstbuy initiative should help 10000 families looking to get onto the property ladder and is exactly the level of backing i've been praying for since the withdrawal of HomeBuy Direct last year.

HomeBuy Direct was a roaring success and changed the way first time buyers were able to look at the market. But before we knew it the scheme was shelved casting doubts over the future of the market for those looking to get onto the ladder. Shared equity schemes have eased the financial burden placed in the hands of those looking to buy so it is pleasing to see a scheme introduced with the governments full backing.

The Chancellors new proposals are fantastic news for all of us. This financial investment will not only give the property market the entry level buyers it desperately needs it will also create jobs reduce the burden on the state when it comes to income support and boost taxes raised by both income tax and stamp duty. With the level of debt standing as it is this is crucial for the countrys coffers.

The scheme will also help to ease a housing crisis the new homes sector needs to be building homes at rate far greater than the current level if we are to house our growing population in 2020 and beyond. The HBF have been calling for a direct replacement since the scheme was withdrawn last year and this new incentive looks set to reinvigorate the market for first time buyers.

So a round of applause for the Government for making this move at what could have been set to be a difficult time ahead.

Sue Warwick National Sales and Marketing Director Miller Homes.
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