It is being reported that the Help to Buy scheme is proving ever popular with first time buyers investing in a newly built home in 2014.
UK house building company, Taylor Wimpey, says that it’s selling more houses now than it did in 2013 despite the housing market overall starting to calm down. The company claims that the Help to Buy scheme is easier for first time buyers to obtain than on the second house market where regulations are stricter.
Help to Buy is still extremely popular for first time buyers in enabling them to get onto the property ladder and with the next General Elections in June 2015, it is uncertain whether the Help to Buy scheme will still be around to offer first time buyers accessibility to the housing market. With the introduction of Help to Buy, mortgage rates overall have decreased to the lowest level on record, creating fresh competition between mortgage lenders and providers.
As of August 2014, 27,000 homes have been bought under the scheme. June 2014 saw the highest completion rate at 91%, meaning 4,357 homes were bought, proving how popular the scheme is in the UK and showing how evident the struggle was before the scheme for first time buyers to get onto the property ladder.
If you’re looking to buy your first home under the Help to Buy scheme, Gardner Leader can help you with the legal aspects and procedural aspects of moving house and your Help to Buy loan, once they have been approved. Contact us today to find out more!