If the Help-to-Buy scheme ends, how do first-time buyers get on the property ladder?
The CEO of When You Move comments on the potential end of the Help-to-Buy scheme, and therefore how first-time buyers get on the property ladder.
Simon Bath comments on how proptechs can make the property market more accessible for first-time buyers:
“The home buying process can be daunting and inaccessible for many young people wishing to purchase a property, even with the Help-to-Buy scheme.
“To deal with the potentially different landscape for first-time buyers, the UK property industry as a whole needs to be more accommodating. This starts with ensuring all other available options to first-time buyers are well advertised and made as accessible as possible. LISA and the Help-to-buy ISA are great options for the new generation of home buyers – giving first-time buyers an opportunity to save a deposit, encouraging individuals to step onto the property ladder.
“However, the red tape and outdated bureaucratic practices associated with these schemes add more stages to the conveyancing process, causing further delays in the completion of a property transaction. The process needs to be simplified and streamlined to ensure the property transaction is not off-putting for anyone wishing to purchase a home.
“Digitisation in the property industry is essential in ensuring that no matter which scheme first-time buyers choose, the transaction transparent and efficient. When You Move delivers this consumer-focused approach by providing a central hub for communication between all parties involved in the transaction, through which all required documentation can be uploaded, signed and stored. The platform provides real-time updates, saving time on first-time buyers having to chase for updates”.
Kindly shared by When You Move