THE extension of the Government’s Help to Buy scheme in George Osborne’s budget announcement is good news for home buyers and the housing market, according to Connells estate agents.
The scheme, which enables buyers to purchase a home with a five per cent deposit, has already helped many would-be buyers to move home or get on the property ladder for the first time, some of whom would not have been able to do so without Help to Buy.
Lee Lloyd, branch partner for Connells in Wote Street, said the scheme has also been fundamental to boosting house building activity and is available on most of the new homes developments that Connells is selling.
Lee is urging anyone who thinks they could benefit from the scheme to get in touch and discuss what is available.
He said: “Help to Buy has been very popular with purchasers since it was launched last April so the decision to extend the scheme is positive news for the housing market.
“As well as helping first-time buyers, the scheme was instrumental for home movers, many of whom used it to move to a larger home which would fulfil their needs for a longer period rather than having to upsize again a few years down the line.”
The budget has extended the equity loan Help to Buy scheme for new homes which enables buyers to purchase a new build property worth up to £600,000 with a five-year, interest-free Government loan for up to 20 per cent of the value of the property.
“This means buyers may need only a five per cent deposit to purchase a brand new home. The scheme is designed to overcome what has been the single biggest stumbling block for buyers in recent years, that of saving a huge deposit to buy a property.
“We are advising buyers to take advantage the Help to Buy as soon as possible.
“With house prices continuing to rise, those who purchase now will benefit from increases in the value of their property in the months ahead.”