The government’s Help to Buy initiative has enabled many first time buyers to get onto the property ladder, but with it coming to an end in 2021 the next few years are crucial for those would be first time buyers to make their move now. Find out why now is the right time to buy.
Since its inception in 2013, we’ve experienced a high volume of young buyers securing their first homes by taking advantage of the Help to Buy initiative – a scheme designed to assist first time buyers in a competitive market.
But, why buy now? Help to Buy’s looming deadline is certainly a reason to take advantage of the market, while it still favours first time buyers. In addition to this, interest rates are currently quite low and first time buyers are now exempt from stamp duty, if the purchase price of the property is less than £300,000.
Interestingly, we’re seeing a real shift in the first time buyer market with younger buyers unwilling to miss out on the Help to Buy initiative. In fact, a recent survey*, which we commissioned, found that Generation Z will be prioritizing homeownership over the next couple of years, with one third of renters surveyed (under 24) claiming to already be saving towards a deposit.
Typically, buyers aged under 34 are a uncommon occurrence as first time buyers. This means that these new stats are potentially highlighting an emerging trend, in that the desire to own a property is now increasing within Generation Z (those born during or after 1995). Why? Investment and future security topped the list as the main reasons why younger buyers want to step onto the property ladder early, according to our survey.
For more information on new build Countryside homes, or top tips for saving towards a deposit, visit www.countrysideinspire.co.uk.
*Survey of 2,000 first time buyers