As new statistics show that over 48,000 homebuyers have utilised Help to Buy since the first part of the scheme was launched in April 2013, it’s clear to say that homebuyers have taken to the initiative like bricks to mortar.
The latest numbers reveal that not only has there been an impressive uptake, especially outside of London, but also that the average house price for those that have used Help to Buy has been £187,800, well below the national average of £265,000. Additionally, a whopping 82% of those who have used the scheme have been first-time buyers, proving it’s helping young people to reach the first rung of the property ladder.
Our customers Benedict and Eve Knowles are a fantastic example of first-time buyers who have been able to benefit from the Help to Buy equity loan scheme and buy a newly built property.
Until recently, the couple had been renting an apartment in Manchester city centre but had started looking at new homes when they got married two years ago, favouring a new home with a warranty for extra peace of mind. Eve, 26, who’s from Liverpool originally, was keen to move back to the area and so looked into their options around the city.
Computer technician and musician Eve said: “As much as we love Manchester, Liverpool is the place for us. After quite a lot of searching for the right property, we found a three-bedroom home at Lovell’s Church Fields venture in Garston. It’s perfect for us and will allow us to grow as a family.
“Help to Buy has really helped us on our way. We were saving already but if it hadn’t have been for the 5% deposit it would have taken us much longer to be able to make the progression from renting to buying.
“Not only was the process a breeze, we’ve also found that our monthly mortgage payments are lower than what our monthly rent was. And, we’ll have something to show for it at the end of the mortgage.”
Eve and Benedict are one of many couples and young families who have reaped the rewards of the scheme. As chancellor George Osborne pointed out, it is having a wide-reaching effect, boosting the construction industry and enabling housebuilders like Lovell to build more homes. This in turn increases the housing supply so more buyers, who perhaps wouldn’t have been able to buy or upsize before, can own their dream home.