The Help to Buy scheme due to support 74,000 sales over a three year period is due to run out much quicker, due to a high demand.
Recent figures from the Home Builders Federations show that the scheme has already boosted sales of new build home, after it was announced in this year’s budget.
The Help to Buy scheme currently only available on new builds, offers home buyers the chance to access 80% LTV on properties up to £600,000 as the government currently pay the 20% deposit required on an interest-free loan for a five year period.
Hundreds of developers are now registering to sell their properties through the scheme, as the Help to Buy scheme has already been much more popular than previous schemes.
Home Builders Foundation executive chairman Stewart Baseley told the FT: “The equity loan scheme helps consumers overcome the deposit barrier and as a result the scheme will undoubtedly lead to an increase in house building – already we are seeing companies revise their projected build levels as a direct result of the scheme. This in turn will create jobs and deliver an economic boost.”
If you would like to find out more about the Help to Buy scheme, then why not contact Enable Independent, your local IFA in Bishop’s Stortford.
Source: Financial Times
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