Help to Buy fails to revitalise housing market

Wed, 20 Nov 2013

Help to Buy fails to revitalise housing market
New seller asking house prices have fallen by 2.4 per cent in the last month, according to new data from Rightmove.

The drop of £6,181 this month means the average house price is down to £246,237, from October’s figure of £252,418.

This pre-Christmas fall was expected, according to Rightmove, but nonetheless it was hoped that Help to Buy would reverse this trend to some extent.

Miles Shipside, Rightmove director and housing market analyst, said: "Our survey shows widespread confusion among those who stand to benefit most from Help to Buy." The data suggests that one in four potential home movers are unaware of the scheme and its potential benefits.

Mr Shipside also said that some estate agents were reporting very few approvals of Help to Buy mortgages, and that one of the active lenders had "so far approved only 169 mortgages out of 1,075 applications".

It is worth noting, however, that there has been a four per cent rise in average house prices for November, which is the highest inflation for the month of November since 2007.
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