A year on from the launch of the Help to Buy scheme, Peter Buckingham, Head of Sales at Andrew Granger & Co, says it has made a difference for homeowners in Leicestershire.
We all know getting onto the property ladder is hard. Young people are faced with excruciating demands to get a mortgage, a limited supply of affordable homes and lower than average salaries. Statistics show more young people under 30 than ever before are still living with their parents.
The government set up Help to Buy scheme to allow buyers to purchase their first property without a large deposit, and it has had a hugely positive impact on the first-time buyer market in Leicestershire.
Nationally, 18,500 households have benefited from the scheme – eight out of ten of them first-time buyers. Although many people thought the scheme would be most popular in London, three quarters of the take up has been in the Midlands and north of the country. That’s a pretty good first year.
First-time buyers and investors have been competing to buy the same properties for a long time, and the Help to Buy scheme has certainly given first-time buyers the edge. With an instinct to “shoot from the hip”, first-time buyers will see something they like and can afford, and buy it – unlike investors who like to take their time over a commercial decision.
This is the first year since the peak of the market in 2007 that first-time buyers have been able to outbid investors, and the Help to Buy scheme has certainly made it easier for many people to make the big step onto the property ladder. The construction industry is backing the scheme, recognising it will lift the new homes market. The residential market needs a strong foundation, and a healthy first-time buyer market is essential.
The Bank of England silenced critics of Help to Buy by stating it would not be a significant threat to financial stability. With its proven successes, we hope the scheme will continue to benefit first-time buyers in Leicestershire.
No comments:
Post a Comment