first time buyers: Persimmon, Britain's largest house builder is predicting a rise in sales to first time buyers thanks to a Government-backed scheme to get people on the property ladder.
first time buyers:Persimmon pointed to the FirstBuy scheme, a Government-sponsored scheme to help first-time buyers, as the reason behind a spike in interest from people looking to purchase their first home.
first time buyers:The house builder has secured an additional 3,000 new homes as part of FirstBuy funding and as a result, anticipates an increase in sales to first-time buyers in the spring selling season.
FirstBuy is a government equity loan scheme to help first-time buyers onto the property ladder. It is aimed at helping military personnel, existing social tenants and other first-time buyers onto the property ladder with a smaller mortgage deposit.
FirstBuy requires the government and house builder to jointly take a 20pc share in new homes being built in order to allow a first-time buyer to buy with just a 5pc deposit. The scheme was launched in March 2011 to help around 10,000 first-time buyers to get on the housing ladder and in September, the Government announced a £280m extension to the scheme. Watch the video which simply explains the issue of FirstBuy
– The Telegraph