Latest figures from Help to Buy show that 39,000 new builds have been purchased via the equity loan and NewBuy option, with 15,000 homes bought through the mortgage guarantee.
Despite a rise in purchase prices, the average deposit made by first-time buyers dropped by 8% year-on-year. In addition to this, Scotland, Wales and Northern Ireland have welcomed 3,400 new home owners via the Help to Buy scheme.
First time buyers are now the key to powering the housing market recovery. The Help to Buy scheme has enabled first time buyers who are struggling to save for a deposit the financial support they need to jump on the property ladder.
Further help has been given to first time buyers with lenders increasing the options available on higher loan-to-value rates. However, it must also be recognised that buyers and lenders are still restricted by regulations such as loan-to-income caps. As a result, lending has proven to be more dependent on wages than in previous years. Although there is more lending, the market is becoming more responsible and sustainable as buyers will now need to prove they can afford the higher LTV deals.
If you require advice and assistance or are looking for a competitive quote then Beeston Shenton are here to help. We have a dedicated Help to Buy department and our jargon buster approach cuts through the red tape making the process less complicated and stressful. For further information call Ronnie Scott on 01270 750057 or email Ronnie.scott@beestonshenton.co.uk.
