Housing minister praises Help to Buy impact

Mon, 28 Oct 2013

Housing minister praises Help to Buy impact
The UK's housing minister has told the House of Commons that the government's Help to Buy scheme is have a hugely positive effect on enabling first-time buyers to purchase their own home.

Kris Hopkins said that the first phase of the initiative has helped 15,000 prospective homeowners reserve a new property in just six months.

He added that Help to Buy was making a great difference following the housing crash of 2008 - which resulted in many people being unable to get onto the property ladder.

Mr Hopkins said of the second phase: "The tremendous response that RBS, for instance, has had, with some 10,000 inquiries in the first four working days, demonstrates that the government is on the side of hard-working people."

The MP for Ilkley also warned against speculation in the media that the second phase of Help to Buy could result in a housing bubble.

Under the scheme, potential buyers can secure mortgages for properties worth up to £600,000 with just a five per cent deposit, while the government then guarantees a further 20 per cent to allow access to preferential interest rates.
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