With the completion of another 2,213 Help to Buy sales in March, the total number of homes sold on the scheme now exceeds 47,000.
The scheme has been around for two years now, having been instigated in April 2013 to help first time buyers. Since then it has had quite an impact on the property market and on people’s opinions of it.
People have argued over whether or not the scheme has been helping first time buyers, or just those seeking to buy a property with a discount, despite the fact they could manage to afford one without the government backed discounts.
However, it has been reported that first time buyers made up 82 per cent of the sales, and this figure will divide opinions. Some will view it as a good majority of sales going to those who would otherwise have struggled, whereas critics will be annoyed that a scheme for first time buyers failed to focus solely on first-time buyers.
However, with the results from March’s sales, the amount of properties sold via Help to Buy in the first quarter of the year was 4,628. This was a drop on the last quarter of 2014, which surpassed the five thousand mark, with 5,581 homes sold under the scheme.
Whether or not this drop is significant, the NewBuy scheme has been reported to have seen massive drops in use down to just 17 sales in the first three months of 2015, indicating that Help to Buy is one of the most popular housing scheme of recent times.