A new survey has revealed the outlook of property buyers throughout the North West.
In a survey of over 1000 active house hunters from across the North West, it was revealed that 45% of people cite saving for a deposit as the main barrier to securing a home – even over obtaining a mortgage from lenders (32%).
Other barriers to buying a home included paying solicitor or estate agent fees, confidence in the market and employment worries.
The survey, conducted by government appointed Help to Buy North West agents Plus Dane, also found that 42% of house hunters think that £550-700 is an affordable amount to spend on a mortgage per month, followed closely by the £450-550 pcm bracket (34%).
The survey involved homebuyers from across the North West, including participants from Liverpool, Manchester and Cheshire.
As living costs continue to rise, many are of the opinion that the sooner you get onto the property ladder the better. Once a deposit has been paid and a mortgage secured, these monthly payments can go towards owning your own home.
Despite the struggle to save for a deposit, many cited the Help to Buy schemes as a ‘helping hand’ to get on or move up the property ladder.
Sandy Kelly, head of Help to Buy North West, says: “Raising a deposit can be a barrier for many people but the Help to Buy Scheme has been put in place to overcome this challenge and help first time buyers get a step onto the property ladder. It has helped thousands so far and we are keen for the scheme to keep helping people achieve their dream of owning their own home”.
The Help to Buy equity loan means that you are only required to provide a 5% deposit on the cost of your new home, with the government lending a further 20% of this amount. The remaining 75% comes from a conventional mortgage lender, meaning that both your deposit and monthly mortgage repayments will be reduced.
The survey also revealed that 6 in 10 had heard of Help to Buy, but wanted to know more about the process and developments available in their area.
The Help to Buy Show, a free one day event which has so far taken place in Manchester and Liverpool, is a great opportunity to find out more about what the scheme can do for you. The next show will be the Help to Buy Cheshire show, taking place in Crewe on the 10th October at Crewe Hall.
Sandy commented: “The Help to Buy shows have been a massive success so far and we have received a lot of positive feedback. Homebuyers found it incredibly useful having such a large number of advisers and developers all in one place. They were also able to hear more about Help to Buy North West and how the scheme could help them. We are looking forward to our upcoming show in Crewe on the 10th October as the scheme develops”.
To download your FREE ticket, visit helptobuyshow.com
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