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

Granada Glazing

Granada’s secondary glazing cuts out Heathrow noise at adult education centre

Noise intrusion from the flightpath into London’s Heathrow Airport has been dramatically cut at Meadowbank Adult Education Centre in Cranford, thanks to Granada secondary glazing.

Posted in Acoustics, Noise & Vibration Control, Aluminium Products, Articles, Building Industry News, Building Products & Structures, Building Services, Building Systems, Case Studies, Glass, Glazing, Posts, Restoration & Refurbishment, Retrofit & Renovation, Windows


Keylite Roof Windows recognised as one of 1,000 companies to inspire Britain

Keylite Roof Windows (Keylite), part of The Keystone Group, has been identified as one of the 1,000 Companies to Inspire Britain 2020 by the London Stock Exchange Group (LSEG).

Posted in Articles, Awards, Building Industry Events, Building Industry News, Building Products & Structures, Roofs, Windows


New Chief Executive appointed at GAI

The Guild of Architectural Ironmongers (GAI) has appointed Simon Forrester as its new Chief Executive.

Posted in Architectural Ironmongery, Articles, Building Associations & Institutes, Building Industry News, Building Products & Structures, Doors, Recruitment


Limit COVID-19 spread with fresh thinking from Senior Architectural Systems

Senior Architectural Systems is inviting specifiers to get in touch to discuss how aluminium window systems can help create healthier interiors that can limit the spread of coronavirus.

Posted in Aluminium Products, Articles, Building Industry News, Building Products & Structures, Building Systems, Health & Safety, news, Posts, Retrofit & Renovation, Windows