First time house buyers in PO postcodes are missing out on buying their dream homes as they continue to save large mortgage deposits.
A survey by One Poll - commissioned by housebuilder Barratt Homes, has revealed that more than 60% of first time buyers believe they need to save more than a 20% deposit when in reality they need just 5% with Help to Buy.
The report highlights that buyers continue to be misguided and believe that substantial deposits are needed when buying a property.
Barratt sales director Michelle Storer said. “The government’s Help to Buy scheme has been in place for a year and while it has been hugely popular our findings show that many potential home-buyers are still missing out on the opportunity to buy their dream home.†In addition to this, the survey also highlighted that almost half of first time buyers were still under the impression that renting a property is cheaper than owning your own house and paying a mortgage.
"This is another misconception," said Michelle. “Latest figures from the Halifax calculated the monthly mortgage on an average three-bed home in the UK is now £600, 16% cheaper than the £716 it would cost to rent the same type of property."
“At Barratt we want to help more first time buyers purchase their own properties and get their first foot onto the housing ladder by introducing them to the Help to Buy scheme and talking to them about the benefits of owning your own property as opposed to renting.†said Michelle.