Halifax has stated this week that Low Cost Home Ownership Schemes (LCHO) are a vital part of the housing market, helping to get buyers with affordability issues onto the property ladder. In particular, shared ownership and shared equity are the most popular incentives, accounting for 87% of total sector transactions.
Persimmon has seen an increase in house sales, despite the usually slow summer season. Mike Farley, chief executive, feels as if the market is more stable, thanks to better mortgage availability and low interest rates. In other news, there are many things we look for when buying a new home, but it comes as no surprise that a good school catchment area is a high priority for families. Indeed, it was top for 37 per cent of house hunters with a child aged 10 or under, with many willing to pay an extra £12,000 to secure the property.
And finally, the average age of a first time buyer, which is currently 35, has risen by eight years since the 1960s and over half of respondents surveyed by Post Office Mortgages feel that they will never be able to afford to get on to the property ladder.
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