HomeBuy schemes 'help first-timers own property'

Posted: 14 May 2009 11:02:20 GMT

Government-backed HomeBuy schemes provide first-time buyers with "one of the few opportunities" they have to purchase their own property, an expert has suggested.

Helen Adams, managing director at First Rung Now, said people looking for their first home are "reliant" on such initiatives and a lack of funding threatens to cause problems for this area of the property market.

Any drop in first-time buyer interest may prompt vendors to advertise their homes online instead of at estate agents.

Ms Adams remarked: "There aren't many places for first-time buyers to go.

"The government launching these HomeBuy schemes, including MyChoice, is a great opportunity for them when times are hard - when they can't get the borrowing [and] prices are high."

Earlier this week, the Department for Communities and Local Government claimed that there have been a total of 11,100 completed applications for the Open Market HomeBuy since it was launched in 2006.

It also revealed that £3.5 million has been spent on the housing programme.


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