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

GGF

GGF keeps pressure on Government over green scheme

Following the GGF’s recent communications to Government highlighting the poor timing of the Green Homes Grant Scheme, the industry’s leading trade body is continuing to crank up the pressure on the Government. 

Posted in Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Glass, Glazing, news, Sustainability & Energy Efficiency, Windows

Selectaglaze
Geberit

Geberit Pro app provides support at touch of button

Geberit Pro, the smartphone app for android and iOS, offers busy installers time-saving functionality and support at the touch of a button. 

Posted in Articles, Bathrooms, Bedrooms & Washrooms, Building Industry News, Information Technology, Innovations & New Products, Interiors, Pipes & Fittings, Plumbing

GGF

New GGF consumer campaign - 'Stay Safe With MyGlazing'

The GGF has launched a new campaign focusing on raising consumer confidence in the home improvement sector, due to the impact of COVID-19.

Posted in Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Glass, Glazing, Health & Safety, Innovations & New Products, news, Research & Materials Testing, Windows