Thousands of people have responded to the release of the London Help to Buy scheme in a veritable stampede of frustrated renters.
A reported 15,000 people caught in the rental trap flocked to see if the London Help to Buy scheme would lift them onto the property ladder.
The scheme only went live on the 01 February this year, but since then seems to be very popular.
It offers a government equity loan of up to 40 per cent of the property value (assuming the value is below £600,000), whereas the normal Help to Buy Equity Loan only offers 20 per cent equity in a loan.
In and around London, the house prices are so high and inflated that the normal scheme wasn’t good enough to allow first time buyers to purchase a home, so the London version was brought into play in an attempt to level the playing field.
Developers have reported the increase in interest from young buyers in their developments. For all intents and purposes, with the scheme, first time buyers have a deposit of up to 45 per cent (5 per cent from their savings) which is allowing them into the market.
This should hopefully help to stimulate more building in the area, the goal of the original schemes.
Whether you are a first time buyer in London, or elsewhere around the country, check out the Help to Buy schemes available to help you become a home owner yourself.