Help to buy helps first time buyers purchase cheaper homes

Fri, 26 Sep 2014

Help to buy helps first time buyers purchase cheaper homes
The average price of a property purchased through the Help to Buy scheme is about 25% lower than a non Help to Buy purchase.

Those not using the scheme have reportedly been paying an average of £254,000 compared to first time buyers using the Help to Buy scheme who are paying £193,318.

These figures indicate that those using the scheme are buying smaller, more affordable houses. This information counters the arguments which say non-first time buyers are using the scheme to buy large houses with a cheaper deposit, as the upper limit of property value eligible was £600,000.

The scheme aims to supply affordable housing to people because, simply, there are not enough houses around for people to live in. The property market needs stimulating in order for more homes to be built, but people can't afford to buy homes without help.

It was reported that September's figures showed 48,000 homeowners had purchased homes through the Help to Buy schemes.

Alongside this, the Mortgage Guarantee scheme has apparently helped 18,564 people to acquire their own home.

Building developers have been reporting better profits as a result of the Help to Buy schemes, showing that it is stimulating the building of homes and helping the market grow after the economic crash six years ago.
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