First time buyers will be glad to see that the government is giving genuine support to help people acquire new homes.
During the latest quarter, there have been a record-breaking number of people utilizing the ‘Help to Buy’ scheme. This depicts the government offering equity loans to over 4,700 people to buy property with a combined worth of £1.1 billion. This is the biggest amount of action for the programme so far, since it began last 2013.
The total number of people assisted by the said programme is now up to 120,000 with 80 percent of those being first time buyers.
‘Help to Buy’ has been a true success in helping people obtain new home, by providing them loans to assist with the down payment on a house.
While there is still opportunity for increased use in London, the majority of the beneficiaries have been first time buyers.
The said programme has also added an obvious growth in private housing developments and has encouraged home developers as well. It is one of the main reasons behind the increase of up to 36% in building private houses since the start of ‘Help to Buy’ in the year 2013.
In conclusion, the programme ‘Help to Buy’ has already helped a lot of people. Though there are still a lot of things that needs to be done to guarantee that more probable buyers in London fully understand the options offered to them.