Recently released figures show that 24% of applicants for low cost home ownership products are over 40.
These figures come from the Orbit Help to Buy Agency report for 2013-14, which last year included West Midlands and East of England. In that time, 17,500 applications were received across the two regions.
Of the 17,500 applications received for Help to Buy, which includes the equity loan scheme, shared ownership and other low cost home ownership products, over 4,200 were submitted by people aged 40-plus.
Margaret Snook, Head of Help to Buy Midlands, commented: “It’s great to see the variation of people that Help to Buy is helping to get onto the housing ladder. With the current housing crisis, it is clearly more important than ever that such products are available to first time buyers.
“Since its launch in April 2013 the uptake has been incredible – we received over 26,000 enquiries in the first 12 months”.
Also highlighted by the Orbit Help to Buy Agents’ Annual Report was the household income of applicants – for 23% of applicants their annual salary was in the region of £35,000 - £60,000, whilst the national average income of a first time buyer is currently £36,500.
The hugely popular Help to Buy scheme received over 26,000 enquiries across the two regions in its initial 12 months.
For full report statistics, please go to www.helptobuymidlands.co.uk/useful-documents.