First time buyers advised to consider shared equity

Those looking to take their first steps on the housing ladder should consider shared equity, it has been suggested.

Business relationship director at estate agency Haart Alison Beech argued that it offers a good option for those struggling to fund home purchases.

She stated: “Although first-time buyers are still having problems obtaining mortgages, there are some good shared equity schemes around.”

In addition to this, she said it is encouraging to see some lenders being “flexible” towards first-time buyers.

The wider recovery of the mortgage market and the release of “pent-up demand” will depend partly on there being more “stability” in the economy, she added.

Earlier this week Bank of England governor Mervyn King predicted that economic growth should emerge again soon, albeit slow expansion restrained by the needs of households and the public sector to tighten their belts.

However, he said, the speed of the recovery will be “uncertain”.

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