New property owner lauds FTB initiative

01-Aug-2008

A first-time buyer in Stockton has purchased his first property after availing of a government scheme.

Matthew Sawyer used the First-time Buyer Initiative (FTBI) to acquire his two-bedroom house at Hardwick Green.

"It wouldn't have been possible for me to own a home like this without the FTBI and it is something I'm very thankful for," the 26-year-old told Easier Property.

New homeowner Matthew, who previously lived with his parents, said the developer, Barratt, made the homebuy process stress-free, which he had not anticipated.

"The house is fantastic too and I'm just delighted to be in here and on the property ladder," he remarked.

Schemes like that in Stockton help first-time buyers to purchase properties for as little as 50 per cent of market prices, eliminating the need for large amounts of capital.

There have been numerous calls for the government to provide more such initiatives and also introduce a tax break, such as abolishing stamp duty for first-time buyers and moving the thresholds up to ease pressure in the housing market.

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