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FirstBuy boost for home ownership hopes

Monday, 7 November 2011 9:13 AM

Almost half of potential first-time buyers think they are more likely to get on to the housing ladder thanks to the government's FirstBuy scheme, according to research by Rightmove.

Eighteen per cent of those surveyed by the property website said FirstBuy made it much more likely they would be able to buy and another 27 per cent said the scheme made it a bit more likely.

FirstBuy was announced in the Budget in March and launched in September. It allows first-time buyers to buy a new home with a deposit of just five per cent, with another 20 per cent provided through a five-year interest-free loan funded jointly by the government and the housebuilder.

However, it is limited to 10,500 purchases of new-build property only and so will be no help to people who want an older property.

The research shows that 59 per cent of first-time buyers have heard of the scheme. However, 37 per cent said they had not and 22 per cent said they did not understand whether the scheme could help them.

Rightmove director Miles Shipside said: "If the scheme can have the success that our survey suggests then the government could consider extending the current scheme as well as something similar to assist the wider housing market."

Rightmove survey results

Rightmove survey results

Rightmove statistics

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