Quarter of young buyers aren’t aware of help to buy schemes
PUBLISHED: 13:04 21 June 2016 | UPDATED: 15:14 27 June 2016
It’s not easy for young people in St Albans and Harpenden to get on the property ladder.
And while there are schemes on hand to help them save for a deposit, one in four 18-34 year olds don’t know anything about them.
A YouGov survey of over 2,000 people found that one in four 18–34 year olds were unaware of any government support options, such as the Help to Buy ISA, or the 5 per cent deposit Help to Buy equity loan scheme (which is linked to new build homes).
The Home Builders Federation (HBF), the home building industry’s representative body in England and Wales, compiled a report of the study’s findings.
It revealed that 84 per cent of 18-34 years olds want to own their own home, but 73 per cent cited the difficulty of saving for a deposit as a major obstacle to achieving this.
Other worries included property prices (69 per cent) and difficulty in getting a mortgage (53 per cent).
Younger people are also much more open to buying a new build, with 55 per cent saying it is likely they would consider that option compared to just 23 per cent of over 45s.
28 per cent of 18-24s said it was not at all likely that they would buy a new build, however.
HBF executive chairman Stewart Baseley said: “In the midst of a housing crisis, the prospect of getting on to the property ladder can seem like a distant possibility to many people. But there are options available to today’s young people.
Not surprisingly, Stewart recommends a new build as the ideal solution to young peoples’ property problems.
“Due to Government schemes, buying a new build home is a real possibility,” he says. “New build homes have so many great benefits, but the real benefit for many first time buyers is the affordability of the whole process.
“Schemes like Help to Buy really make home ownership an option for many for whom it would otherwise be an impossible dream.”