Help To Buy Scheme boosts weaker property markets

According to a recent article in the Financial Times, the Help To Buy Scheme is being used by house builders to boost the property market in parts of England where there is “least demand”.

Since 2013, more than 100,000 purchases have been backed by the Help To Buy Scheme. According to research carried out by Hometrack, house builders were signing up developments with use of the scheme in areas where prices have fallen.

What is the Help To Buy Scheme?

Created by the government, the Help To Buy Scheme works to help first time homeowners get on the property ladder. The Help to Buy ISA pays first time buyers a government bonus, boosting ISA savings and helping towards buying your first home.

How has the Help To Buy Scheme developed?

In 2015, our blog on Help to Buy ISAs talked of first time buyers being provided with a 25% bonus on their savings. At the time, the government pledged to add £25 to every £100 you save for a home.

According to the BBC, one in three new build properties outside of London were bought through the scheme.

 

 

Contact Jo Ayrton or Sarah Gratton in our Warminster office on 01985 214444, or Sandra Smith and Laura McCarthy in our Westbury office on 01373 865577  if you would like advice about the legal aspects of buying and selling a home.