Ian Crampton, sales director at Ferndown Ltd, has noted a greater number of potential FTBs seeking advice over the past few weeks citing shared-ownership plans announced by Gordon Brown as the reason for this upturn.
He said: “I don’t believe that the plans announced by the Chancellor are a solution to the problem but they do seem to have stimulated awareness within the sector.
“People are not sure exactly what the schemes entail and are coming to us out of interest about possible benefits they may be able to gain. I’m encouraged by the signs and long may it continue. Let’s hope for an interest rate cut to further encourage first-time buyers back into the market.”
Kevin Morgan, managing director of Consilium Financial Planning, said: “I’m not sure of the direct impact of Gordon Brown’s initiatives but if it gets people thinking and exploring possibilities then it has to be a good thing.
“First-time buyers are creeping back into the market due to a number of factors. House prices have gradually fallen, the government is attempting initiatives and there are rumours of an interest rate reduction. These are all factors which will continue to stimulate FTB business.”
Barnetts Solicitors agreed that more first-time buyers will step onto the property ladder. Its research reported 69 per cent of those surveyed believed the increase in the stamp duty threshold to £120,000 would encourage them into the market.
Joe Whelan, chief executive at Barnetts Solicitors, said the increase was a welcome move to everyone in the industry, especially to first-time buyers. “It’s a step in the right direction although more needs to be done in the current market,” he said.
