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First Timers Aim High

First time buyers have had to save for longer and wait for longer to get their first home. But it looks like all that waiting has made them more demanding!

Many are now leap-frogging the first rung on the ladder, saving a bit more and jumping onto the second rung, purchasing something larger and quite possibly a house instead of a flat. This can also be attributed to the fact that they are older and it’s worth them considering a family home rather than a starter home.

Reducing the number of steps on the property ladder is a wise move for a first-time buyer, as they are exempt from stamp duty on the first £300,000 and the average house move costs £12,000.

First time buyers have also benefitted from the Government’s Help to Buy scheme which allows purchasers to buy a new-build property with a 5% deposit, while the Shared Ownership scheme – allowing people to buy a 25% – 75% share in a property – has enabled young people to buy larger properties.

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