Halifax mortgage report says low cost housing is essential.
A recent Halifax mortgage report states that affordable housing is the essential factor in the purchase of property by first time buyers.
The affordable housing sector and in particular schemes covering resale price covenants, shared equity and shared ownership were reviewed.
The Halifax mortgage report advises that government sponsored schemes help would-buyers to access the property market.
Under such schemes the average price paid for a house is around 12% less than the national average of £161,8391.
Homes purchased under affordable housing schemes are generally smaller than those purchased without scheme assistance.
Typical property size is 4.4 rooms which does not include kitchens, bathrooms or toilets. This is felt to partly reflect the fact that around 42% of buyers accessing affordable buying schemes are single adults.
A spokesperson commenting on the Halifax mortgage report said that affordable home-ownership schemes are of great importance as they offer an alternative way of buying a home.
Of the affordable purchase schemes on offer FirstBuy and builders own shared equity schemes have proved most popular.
If you are looking for an affordable mortgage contact Deal Direct today.
