New homes offer lifeline

17 May 2004
First time buyers are taking advantage of special offers to land themselves newly built homes, research has shown.

Research by SmartNewHomes.com, the online new homes specialist, has shown that as house prices continued to increase the average person is now not buying their first home until the age of 33.

According to the study, the percentage of sales of new homes to first time buyers was 29 per cent, indicating that new homes are proving an attractive option for buyers taking their first steps on the property ladder.

Malcolm McGeary, sales and marketing director of Barratt Home, said: "We recognise how important first time buyers are for the industry and so we have a range of policies to help them.

"We work on an individual basis to develop tailor-made purchase plans, help with legal and mortgage arrangements and sometimes contribute towards the deposit," he added.

Rising house prices remain a concern for the government as people find it increasingly difficult to get themselves onto the property ladder.

However, separate research out this morning suggests that many estate agents are seeing evidence of a slowdown.