David Bexon, Managing Director, SmartNewHomes.com, comments on today’s budget report:
“Today the Chancellor made it clear that he cares little for first time buyers across the country by ignoring the potential benefits of scrapping stamp duty for those would be buyers. In some parts of the country first time buyers need the equivalent to an entire year’s salary in upfront costs to buy a property – this is simply not realistic.
“While today’s commitment to key workers is a step in the right direction and it means that they will be able to borrow up to 50% of the purchase price from shared equity schemes and avoid paying stamp duty on shared ownership homes until 80% of their home is owned, it still does not help first time buyers excluded from this group.
“I am pleased that the Chancellor recognised the security given by longer term, fixed rate mortgages. However, it will do nothing to ease the initial costs incurred when buying a new home – a key deterrent. Seeking ideas on how to deliver more affordable long term mortgages is not good enough in the current climate - we need to see action now.
For more information and to search the database of new homes visit: www.smartnewhomes.com
For further information:
Karen Richards, Senior Account Exec
The Wriglesworth Consultancy
020 7845 7900
k.richards@wriglesworth.com
Claire Hendry, Account Manager
The Wriglesworth Consultancy
020 7845 7900
c.hendry@wriglesworth.com
Steven Lees, Head of Marketing
SmartNewHomes.com
01978 315800
steven.lees@smartnewhomes.com
More about Smart Media Services
Smart Media Services Ltd owns SmartNewHomes.com, the UK’s leading new homes website, email4property.co.uk, the largest network of local estate agent websites, bringing local house hunters directly into contact with the resident agents in their area. Agent Analyser is the latest addition and is a revolutionary estate agency tool which allows estate agents to stay ahead of the competition and Globespan Media Ltd is publisher of Homes Overseas and Show House magazines and their online counterparts, together with What House? online and the What House? awards.
Smart Media Services Ltd is part of the Trinity Mirror Plc, the UK’s largest newspaper publisher, operating a portfolio of more than 500 media brands including The Daily Mirror, The Sunday Mirror and regional titles such as the Birmingham Mail, Liverpool Echo, Western Mail, Daily Echo (Wales) and the Newcastle Evening chronicle.