First Time Buyers

Survey discovers many people regret using Help to Buy schemes

  • 7 Apr 2020

Once a property is ready and the keys are handed over to the new homeowner, the next step is to decorate and furnish it, according to taste. But, for many homeowners, after all the scrimping and saving required to get their deposit alone, this can prove difficult. 

Those who do not have the bank of Mum and Dad to rely upon sometimes turn to schemes to help them get a leg up on the property ladder – Help to Buy, Shared Ownership and Right to Buy are three of the most popular. 

A survey conducted by Sunny discovered 29% of those they surveyed used a scheme to buy their first home, but many said they would not do this if they had the choice again.

12% of participants used the Government’s Help to Buy scheme, but 51% expressed regret at their decision now. Just 4% used the Shared Ownership scheme, however 66% of those people claimed they regretted using it now. 

For many, saving up and purchasing a property with a full deposit seemed to be the most popular route – it took 28% of people between 1 to 2 years to save up enough to pay for their property.

Remarkably, 35% of people did not have to save for a deposit, with the most likely reason presumably because they were gifted the necessary funds by family members. 

Sunny’s survey also discovered these first time buyers cut back on a variety of things to save enough to buy their home. 

31% of people stopped going on holiday, 30% stopped having takeaways and eating out and 29% did not socialise as much. 

However, more than half of those living in Scotland (55%), Wales (50%) and in the East Midlands (51%) did not cut back at all while saving up to buy their first home. 

For those scraping the pennies together to buy their home, a home renovation guide for people with tighter budgets is now available to help those new homeowners get set up and make their property their own, without spending any leftover funds. 

This guide breaks down everything, from simple jobs you can do around the house for very little cost to tips on how to find quality alternatives to well-known brands to save money. 

With the housing market now relatively stagnant amidst this period of uncertainty, first time buyers can use this time to continue saving and preparing for the future.

Leave a Reply

Latest news

Mitsubshi Electric

Family Day Workshop by Mitsubishi Electric

If you are an architecture or environmental enthusiast, bring your children along to a family day of fun and educational activities at the Building Centre on Saturday 22nd June – Mitsubishi Electric will deliver its award-winning programme, The Learning Curve (with a few twists), designed to teach children about energy use and energy efficiency.

Posted in Articles, Building Industry Events, Building Industry News, Building Products & Structures, Building Services, Facility Management & Building Services, Heating Systems, Controls and Management, Heating, Ventilation and Air Conditioning - HVAC, Pipes & Fittings, Plumbing, Retrofit & Renovation, Sustainability & Energy Efficiency


Keller Kitchens excels in Kiwa assessment

Keller Kitchens has been reassessed by Kiwa, a European institute that is involved in the certification of processes, products, employees and organisations. Once again, the company passed with flying colours!

Posted in Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Building Regulations & Accreditations, Building Services, Interior Design & Construction, Interiors, Kitchens, Research & Materials Testing, Restoration & Refurbishment, Retrofit & Renovation, Sustainability & Energy Efficiency

National Ventilation

National Ventilation’s Operations Director Completes D-Day 44 Challenge

Alan Parkinson, Operations Director at National Ventilation, has completed the D-Day 44 Challenge in aid of Combat Stress, the UK’s leading charity for veterans’ mental health.

Posted in Air Conditioning, Articles, Building Industry Events, Building Industry News, Building Products & Structures, Building Services, Charity work, Heating, Ventilation and Air Conditioning - HVAC