News

SALES NEWS: Help to Buy doing its job

06/10/14

Government figures show that the Help to Buy equity loan scheme has generated 32,268 sales since its launch in April last year. The scheme enables buyers to purchase a new-build property valued at under £600,000 with just a 5% deposit and a 75% mortgage – the government will lend the remaining 20% of the value by way of an equity loan.

The scheme is open to all buyers of new-builds, not just first time buyers, and some critics had feared that it would be existing homeowners who profited most from the scheme. However, the figures covering the period from 1 April 2013 to 31 August 2014 show that 84% of Help to Buy transactions were to first time buyers, with the average purchase price paid being £210,269. It’s good news for the sustained stability of the housing market.

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