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Property News > Agents Look at Practical Moves to Help First-Time Buyers in UK
Agents Look at Practical Moves to Help First-Time Buyers in UK
With the Government focusing on getting more people onto the property ladder, helping first-time buyers is an ever-evolving process. With the stamp duty changes in the Autumn Budget, it was made easier for them and most importantly cheaper to get the money together to buy a house, but that is just part of the task in front of them.Now agents are starting to look at how to make things even easier for first-time buyers and are looking at the process that is in place. Looking at longer fixed rate mortgages, more affordable housing and less stringent mortgage criteria, these are some of the ways that first-time buyers can be eased onto the property ladder.The stamp duty changes did have an effect and more first-time buyers took the plunge on looking for their own home, in fact the number was the highest in a decade. The problem is of course, there is still a lot that needs to be done to make the process easier for them.This is why the National Association of Estate Agents (NAEA) are looking at the ways to make things easier. They found that many first-time buyers are still holding off making offers, so that they can maximise the budget they have to buy a property. The stamp duty reform has made it so that they can save more, and not have to worry about the tax.Now that the NAEA want is to provide further help to give the first-time buyers that extra push to get them to actually buy properties. One of the ways that they say this can be done is to improve LTV mortgages changing them from the high interest rates they are at now, to a more fixed rate lower value instead.In a new report the NAEA put together, they noted that £33,000 on average could be saved for a deposit if the mortgages were moved to a lower rate with a longer fixed rate period. The fact that the monthly repayment values will be lower will also be something to entice the first-time buyers.With the sudden jump in first-time buyers, the NAEA want to prolong this success, not see the speed of the market slow down after the first wave of buyers has passed. The aim is to keep the market moving and make more first-time buyers take the plunge.The most important thing of course, is the affordable housing which the Government are hoping to build over the next few years. Progress is being made on this, but with many factors that could get in the way, more has to be done to keep the number of homes being built at projected levels.Part of creating incentives to the first-time buyer is to understand just who they are, not all buyers are the same, and this is another complication in creating an incentive to buy. With agents now providing more ideas on how to help first-time buyers, hopefully the Government can add these ideas to their plans to help those buyers make the move onto the property ladder.