According to the latest industry research, there has been a surge of interest in the Government’s Help-to-Buy schemes as buyers examine affordable ways to buy their own property.
A recent webinar survey from Rightmove found that 94 per cent of first-time buyers planned to move forward with their moves to get on the ladder when able to do so.
It is believed that the lockdown period handed buyers the time to research the various purchasing options with many favouring Help-to-Buy.
Help-to-Buy has so far helped more than half a million people get onto the property ladder.
The scheme is broken up into two parts, a 25 per cent Government bonus towards your deposit through an ISA account and an equity loan where you can borrow 20 per cent of the purchase price interest-free for the first five years as long as you have at least a five per cent deposit.
Buyers in London can borrow up to 40 per cent of the purchase price.
The Help to Buy equity loan scheme will run until 2023. However, from April 2021 this extension will be restricted to first-time buyers purchasing newly built homes.
There will also be a regional price cap introduced which could reduce the maximum value of homes that can be bought through the Equity Loan Scheme.
Philip Brown, Sales and Marketing Director at Millwood Designer Homes said: “The surge in buyers through the scheme is very noticeable. It shows that while people are eager and ready to move, the financial boost offered by such schemes is much needed and people want to make the most of it.
It is a great sign for the market to see this current activity, we just hope it will be sustained. We hope that the Government will consider an extension of Help to Buy because given the wider economic circumstances people are going to need help more than ever.”
