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Half of assisted homebuyers used FirstBuy – DCLG

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  • 11/06/2013
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Half of assisted homebuyers used FirstBuy – DCLG
Over half of buyers of affordable homes used FirstBuy to complete their purchase, according to government figures.

FirstBuy accounted for 7,639 or just over half of 14,737 low-cost homes funded by the Homes and Communities Agency and the Greater London Authority in 2012-13, compared to under a fifth over the previous year. However, total completions of affordable house purchases decreased by 2.6%.

Chadney Bulgin mortgage partner Jonathan Clark said the introduction of government schemes had boosted enquiries: “There has been a real pick up with FirstBuy and NewBuy. The developers have been sitting on lots of land and with these incentives they have got cracking.”

While completions were down, the number of affordable owner-occupied housing starts more than doubled over the past year, from 3,455 in 2011-12 to 8,071 in 2012-13.

Several developers highlighted the impact of FirstBuy in their financial reports this year – in January, Taylor Wimpey said it had helped over 1,000 first-time buyers onto the property ladder while Persimmon reported increasing numbers of first-time buyers visiting new build sites.

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