Barratt Homes’ Montague Park development in Wokingham offers 2-bedroom Help To Buy properties
But as always with the UK property market, the hard cash involved will vary wildly.
In some areas of the North-east, Northwest and South Wales the saving may be nothing, because first-time buyers’ homes are available below the £125,000 mark that attracts the first level of stamp duty.
Average savings will be just £1,000 according to estate agents Knight Frank – enough for a three-piece suite perhaps – but in London and its South East commuter belt there are real celebrations, with savings nearer the maximum of £5,000.
Of course, first-time buyers in these areas need much bigger deposits to get on the property ladder compared with elsewhere in Britain, because property costs so much more.
Storey Homes’ De Montfort Place development offers one and two-bedroom flats for first-time buyers
The number of first-time buyers has now exceeded 150,000 for the third time in four years
Help-To-Buy deposits can be as low as 5 per cent but, according to Which?, the average deposit is 17 per cent.
However to get the cheapest mortgage deals you need more like a 25 per cent deposit.
Jasjyot Singh, mortgages director for Halifax, says: “Today’s first-time buyers need to find an average deposit of £32,899 but if they do manage to purchase their first home they are on average £651 a year better off owning versus renting.
“The number of first-time buyers has now exceeded 150,000 for the third time in four years – a level of momentum not seen since before the financial crisis. We will be lending over £10billion to help people own their first home.”
Joseph Homes has a development of 27 apartments near Wimbledon from £295,000
Buyers should research schemes and incentives, says Halifax, such as Shared Ownership, where you buy between 25 per cent and 75 per cent of a property.
It also advises checking your credit score a year before you plan to get a mortgage, then tracking it throughout the year to get the best start and speaking to a mortgage advisor to get a clear idea of your options.
Using online calculators to work out how much you could borrow, how much deposit you need and what the monthly payments would be is also a sensible place to start.
Developers that offer incentives include Barratt Homes, where sales…