One of the biggest problems facing first time buyers is the large sum required for a deposit. Trying to save such a quantity of money, often tens of thousands of pounds, while keeping up with rent and other bills, is a major challenge that the Help to Buy scheme sought to help.
Reports now show the extent that it has managed to do this. The average Help to Buy Mortgage Guarantee scheme (HtB2) deal now includes a deposit from the buyer that is less than, on average, £8,974.
Of course, being the average, this means that there are people getting deposits elsewhere for much less than £9,000.
This data comes from the Mortgage Advice Bureau, who was pleased to see that the lowering of deposits indicates that HtB2 is attracting less well off individuals, whom it was created for.
The average total price for a home fell too, reducing by 6% since August, to £150,488.
This is all good news for the first time buyers market, as properties are becoming more available. The Help to Buy schemes received a lot of negativity in the media as it was claimed that they were being used by much richer people to purchase homes, rather than the 2 million young people who are trapped living with their parents, or in rented accommodation.
HtB2, the secondary Help to Buy scheme seems to be addressing the problem of the unattainable deposits needed.