Wednesday, April 6, 2011
A lacklustre FTB scheme receieves a lacklustre response.
Developers appear to be back-tracking fast on the new FirstBuy scheme, which they put together with the Government.The Home Builders Federation conceded: â€œIn an ideal world, you wouldnâ€™t offer shared equity. But we are not in an ideal world.â€ This morning's Halifax survey shows that in this less than ideal world, house prices remain stubbornly unaffordable at nearly seven times average FTB earnings, with signs of only a very slow downward shift. The much-trumpeted FirstBuy scheme will allow 10,000 first-time buyers to get on the home ownership ladder by chipping in just 5% deposit on a new-build house. The Government and the developer would each contribute 10%. However, developers are now worried that their share of the Â£250m that the industry will collectively pump into the sch