Although everyone assumed the Help to Buy scheme would be of biggest benefit to first-time buyers in London, new figures released by NatWest and RBS have shown than this isn’t necessarily the case. Have you, or anyone you know, taken advantage of Help to Buy?
The Independent has revealed the banks’ figures, which claim that 6,200 first-time buyers have bought a property in the past year, but only 20% of these transactions were in London. In addition, the bank assisted 2,000 people who were already on the property ladder in buying their next home since the scheme was launched a year ago.
These figures provide evidence that the scheme has made a real difference to those who were previously finding it difficult to save for a deposit, and are encouraging figures.
However, building new homes needs to be a priority, says The Independent, otherwise continuing property price inflation could mean that fewer people will be able to afford to buy a home – despite the offer of 95% mortgages.
The article goes on to state that those using Help to Buy have an average income of around £47,000 and buy homes with an average price tag of £153,270. According to the figures, it is a younger audience who are benefiting from the additional help, with over a third of people buying through the scheme aged between 26 and 30.
Do you think the Help to Buy scheme has served its purpose, and will you be taking advantage of it?