In February 2009 the Government unveiled a fancy new scheme to assist key workers, social renters and first time buyers. It’s called Homebuy. It is supposed to fund a proportion of the purchase which the buyer then repays as rent in addition to the element mortgaged and gives people a leg up on to the property ladder. They can buy the full value at a later date.
The trouble is, it has been such a well kept secret that in the latest Rightmove survey of 3000 or so first time buyers, 78% didn’t even know what Homebuy was!
Hardly a help. Maybe such initiatives should be marketed just a little better? Although the cynical would assume that the Government does not want the scheme publicised so that they can then avoid the need to pump the money in to it that was actually promised?
No wonder transactional volumes are still half what they were…