The importance of affordable housing to first-time property buyers has been highlighted by a major high street lender. Research from Halifax shows that 67 per cent of properties classed as ‘affordable housing’ are snapped up by first-time buyers through affordable home-ownership schemes.
While only a quarter of house buyers overall are aged between 20 and 29, this proportion rises to nearly half when looking solely at affordable housing. Halifax housing economist Martin Ellis says this shows the importance of affordable home-ownership schemes in propping up the housing market.
“Whilst shared equity and other affordable housing schemes have historically performed strongly, new schemes such as the government’s New Buy initiative will also play a role in meeting demand and helping to support first-time buyers,” he added.
Halifax, meanwhile, has launched a new initiative to assist first-time buyers, promising to refund valuation fees to the consumer if a house purchase falls through.