Incentives aimed at FTBs 'very welcome'
19th Mar 2012
New incentives aimed at helping out and encouraging more first-time buyers (FTBs) get a foot on the property ladder would be welcomed with open arms, Russel & Aiken has said.
Dianne Paterson, property partner at the solicitors and estate agents, cited the government-backed national mortgage indemnity scheme as one example of initiatives aimed at helping people when they are looking to buy or build their first home.
She noted that this particular scheme aims to assist people who are can technically afford a mortgage but have been unable to put away enough cash for the high deposits that many lenders are demanding in today's economic climate.
"For cash investors, the opportunities are good. In hot spot areas such as Edinburgh, the letting market is strong and has a lot to offer the investor in the way of yields and longer term capital growth," Ms Paterson went on to say.
"Obviously, job security, low percentage lending, requirement for high deposits and lack of bridging facilities continue to have an impact on the property market."
She concluded that the problems associated with the economy, coupled with job uncertainty, would remain a concern for many homeowners for a prolonged period of time.
Russel and Aitken is a legal firm founded in Falkirk in 1818. Dianne Paterson is the property partner at the Edinburgh office.
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