First-time buyers are in the dark about FirstBuy

11 November 2011

Estate Agent Today has reported that over a third of people looking to buy their first home haven’t heard of FirstBuy.

FirstBuy is a government scheme that enables first-time buyers to purchase a property with a 5% deposit. A further total deposit of 20% is put forward by the government and the developer and is then repaid by the buyer as a five year, interest free loan.

Despite helping first-time buyers to get a foot on the property ladder, research conducted by Rightmove has shown that 37% of people looking to buy their first home did not know the government scheme existed and 45% thought it would help them to purchase a home.

Whilst the FirstBuy allows 10,500 new builds to be purchased with such a low deposit, 32% of those asked were not interested in the scheme as it only allows them to purchase new builds.

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