This month we mark the six year anniversary of Help to Buy and by the end of its seventh year, the initiative is set to have supported over half a million buyers. That’s a phenomenal figure and one that just shows the true extent of the impact Help to Buy has had on the house buying market.
Countryside has offered Help to Buy across all of our North West developments since it launched in 2013 and I have personally seen time and again the difference that this initiative has made for our buyers, whether first timers or those looking to move up the property ladder.
The often unsung benefit of Help to Buy is just how much it has stimulated the market. According to the Government’s last figures, over 458,000 purchasers have bought through the scheme since it launched. These are a combination of both first time buyers and those wanting to move up the property ladder that previously may not have had the funds to do so. This was always part of the scheme’s design, to create movement throughout the buying chain.
Help to Buy has put the property market in a healthy position and that makes ‘now’ a really good time to buy. As the popularity of the scheme has shown, the requirement of just a 5% deposit makes it possible for people to own their own home far sooner than if they needed to save for a larger deposit. Help to Buy is continuing to make home ownership far more achievable and with mortgage interest rates remaining relatively low, buyers have even more reason to celebrate.
The Government recently announced that following on from the current Help to Buy scheme there will be a new scheme that will run from April 2021 to March 2023 that will give first time buyers even longer to benefit from the initiative. The new scheme will work slightly differently and will be made available for first time buyers on new build homes only, with a capped maximum value, which in the North West will be £224,400. This is fantastic news but before this there is still time to benefit from the current scheme.
I really believe it’s a great time to buy and I look forward to seeing more and more buyers across the North West join the many who have already benefited from Help to Buy.