Figures released by the coalition government have shown that the Help to Buy mortgage scheme is becoming more and more popular across the UK.
More than 10,000 new reservations for new build homes have been made in the last four months alone and this has come as a large boost to homebuilders, including Redrow and Taylor Wimpey.
The government has also claimed that the Help to Buy scheme has increased the availability of competitively priced mortgages because of increased competitiveness in the market driven by the coalition’s changes.
Eric Pickles, secretary of state for communities and local government, said: “By dealing with the big challenges, we are helping thousands of young people and families get on and move up the housing ladder and Britain is building again.”
Not only has the Help to Buy programme increased the availability of housing to people that may previously have struggled to get their first property, it has also boosted the UK’s ailing construction sector.
However, some critics claim that the easy access to credit might fuel a real estate bubble similar to that seen in the US before the 2008 financial crisis.