Help to Buy encourages one third of renters to buy

Fri, 13 Dec 2013

Help to Buy encourages one third of renters to buy
One-third of those who are currently renting plan to buy their first property in 2014.

According to Rightmove, this is asixper cent increase from the 2012 figure. A quarter (24 per cent) of those say that the government's Help to Buy scheme is directly responsible for them planning to buy their first home, or they have brought their plans forward in light of the scheme being launched.

One-fifth of people who are planning to buy their own home - but are currently living with their parents - say that the scheme has influenced them as well.

Miles Shipside, Rightmove director and housing market analyst, said: "More renters look set to buy in 2014 but saving a deposit still requires time and commitment, meaning that overall tenant demand is unlikely to change much."

However, he said both the rental and sales markets could simultaneously become buoyant as a result of the housing shortage of the last ten years, but this would not be solved by a few months of the Help to Buy scheme.

Three-fifths (58 per cent) of those renting consider themselves 'trapped', as they would like to purchase their first property but cannot afford to.
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