Agents reject Help to Buy bubble concerns

Mon, 23 Sep 2013

Agents reject Help to Buy bubble concerns
Estate agents across the country have rejected concerns related to the government's flagship Help to Buy programme.

Speaking to the Financial Times, a number of realtors across the country said headlines of a housing bubble were premature and had led to people believing their houses are worth more than current market rates.

One estate agent from Newcastle, told the publication that statistics in London bore no resemblance to those seen on Tyneside.

"How can you have a boom when the number of house sales here is half what it was six years ago? Statistics come from London; they have no relevance to the north-east" he added.

Anthony Thickett, an estate agent in south Yorkshire, agreed with the Newcastle realtor's assessment and commented that people were getting caught up in headlines about a bubble and calling his office to see if their property values had risen rapidly, which they had not.

The majority of agents surveyed were optimistic about the Help to Buy programme and it is expected the coalition's scheme will help first-time-buyers get on the ladder by allowing them access to five per cent deposits with a 20 per cent interest free loan.
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