New YouGov figures indicate that a lot of first time buyers don’t fully understand the Help to Buy scheme.
Seven out of ten people who bought a new home in the past two years said that they were aware of the Help to Buy scheme, whereas only two thirds who were in the process of buying one currently knew about it.
On a scale of 1 to 7 (1 being not understood at all and 7 being completely understood) however, people rated their understanding of the Help to Buy Equity Loan as 3.7, while understanding of Help to Buy Mortgage Guarantee was self-rated at 3.8.
Over a third of people who are first time buyers thought that the scheme makes home ownership more affordable.
A third also believed that it will cause a housing bubble and harm the market and economy.
“The government has regularly trumpeted the Help to Buy scheme as a way of getting first time buyers on the property ladder and making housing more affordable for young people” said the Research Manager for YouGov, Tom Rees.
“Help to Buy is sure to remain a controversial subject for the foreseeable future” he added.