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With mortgage lenders continuing to make it hard for homebuyers to take out a home loan to purchase property, a growing number of first time buyers are turning to the 'bank of mum and dad' to help finance a property purchase. But with a wide range of initiatives now available to help people gain a foot on the housing ladder, there are plenty of alternative options.
Fresh research by the Centre for Economics and Business Research (Cebr), on behalf of HSBC, reveals that the ‘bank of mum and dad' helped to finance over 100,000 first time buyer borrowers between 2008 and 2011.
The government-back mortgage indemnity scheme, NewBuy, has so far seen just 250 home purchases, according to data published by the Communities and Local Government today, but there are signs that sales levels will soon rise sharply.
The scheme is designed to make it easier for first time buyers to get on the property ladder by accessing mortgages with deposits as low as 5%.
If you're looking to buy a new-build property, you may be considering using the government's NewBuy scheme. It's a great way of getting onto the housing ladder with a small deposit and around 1,500 people have already signed up to the scheme. However, leading industry groups remain critical of the scheme, claiming that high mortgage rates are putting off many buyers.
The average price of a new home developed by Redrow Homes increased by an average of 15% from £164,800 to £189,900 in the year to 30 June, the company announced today.
The rise in property values reflects both an increase in demand from homebuyers for new homes and a change in company strategy, with Redrow now building larger "more upmarket homes", according to Steve Morgan, founder and chairman of Redrow.
Leading British housebuilder Redrow Homes has an impressive portfolio of luxury family houses for sale in prime locations across the West and East Midlands - all of which come with a ten-year NHBC Buildmark warranty and plenty of extras such as high-specification fitted kitchens, bathrooms and bedrooms from well-known brands.
House-hunters on the look-out for new homes in Lancashire should head for two of Redrow's developments in the county this weekend as the housebuilder hosts a special event in Saturday 18th August.
This weekend, 11th and 12th August 2012, is a very busy one for the staff of Redrow Homes (Lancashire) as some of the company's developments in the northwest of England host special events for homebuyers. So if you're hoping to find a property in Garston, Manchester or Chorley, it is worth clearing a space in your diary to go and check out what the housebuilder has to offer.
For house-hunters in South Wales, award-winning developer Redrow Homes currently has an extensive portfolio of new developments near Cardiff, Swansea, Carmathen and the Brecon Beacons, many of which are ideally situated for commuters and families with children.
House-hunters with a property to sell who hope to find a property on a new-build development in West Sussex should head for Redrow's Kings Acre site in Crawley Down this weekend, 4th and 5th August 2012, where the housebuilder is hosting a Part Exchange event.
With mortgage lenders demanding large deposits from first-time buyers and movers looking for the best interest rates, over the past few years many people who have wanted to move home have not been able to do so. Those looking for a first home have often been stuck in increasingly expensive property to rent while they try to save a lump sum to put down on a home of their own.