The Government’s recently announced NewBuy Guarantee scheme could make a big difference to first time buyers in Cornwall, according to Cornish law firm Coodes.
The scheme will allow first-time home buyers and existing homeowners who want to move house to buy a new-build home with a deposit of only 5%-10%.
It is anticipated up to 100,000 buyers could benefit from the scheme nationwide and an estimated 50,000 jobs in construction safeguarded as demand for new homes increases.
“That could be great news both for first time buyers and for the building industry in Cornwall,” said Alistair Whyte, head of property at Coodes.
The Home Builders Federation and the Council of Mortgage Lenders are behind the scheme which is available on flats and houses up to a maximum value of £500k.