A housing association that helps people buy homes through shared ownership has received an almost threefold increase in applications over the past seven weeks.However, since the beginning of July, it has processed about 1,000.
Traditionally, the majority of applications would be from couples or single parents on lower incomes, she said. "I'm definitely not an extravagant person, but I still found it impossible to save the huge amounts banks are now expecting buyers to contribute," she explained. "I really thought this wouldn't happen for me, given that I didn't have the savings for a deposit, so I'm just thrilled," she said.
"We did a survey on February 18, and at that point there were various product deals on offer with particularly low interest rates - first-time buyers here could have secured a 30-year mortgage deal for a house of around £150,000 with a 5% deposit. Now, just six months later, there isn't a single deal at that rate," said Mr Buchanan.
Are you just saying that most people are getting poorer and poorer? That's big news.
Any surprise when all the affordable housing has been hoovered up by private landlords over the last twenty years? We need cheap, open plan starter homes that are NOT available for buy to let off-plan.
Massive scam. Good luck to these young people when they want to sell these properties and move on.
bullshit no one buys your propoganda
I work in the affordable housing sector, and I dare say this very product is one of the best I have ever seen in any housing market. Government needs to increase a funding base for provision of this unique tenure, it is a success.
If only we didn't have hundreds of thousands of Immigrants flooding into the Country every year meaning our population growth is out of control.
Be a good person, but don't waste your time proving it. Follow TipsQt