Last week, the Minister of Housing, Communities and Local Government, James Brokenshire, published the latest figures from the Government’s Help to Buy schemes.
It was announced that over a third of a million first time buyer properties have been brought via these Government schemes so far. 1.2 million Help to Buy: ISA accounts have also been opened.
The figures also revealed that 169,100 property purchases completed using the equity loan scheme version of Help to Buy. This scheme offers to lend buyers 20% of the asking price so that, together with their own 5% deposit, they can access a more affordable 75% loan-to-value mortgage.
These latest figures come just weeks after Dutton Gregory announced the expansion of its Residential Property department in Chandler’s Ford. This recent growth continues to broaden the wealth of experience and knowledge within the firm in areas such as Help to Buy schemes, as well as shared ownership, new builds and Right to Buy.
Dutton Gregory Residential Property Partner, Paul Sams, responded to the news, commenting:
“Having acted for hundreds of buyers using Help to Buy schemes since 2013, as well as continuing to speak to many Help to Buy agents to train other lawyers on the same, you won’t be surprised to hear I am massively in favour of the same.
“The scheme is strictly run so all buyers have their income assessed thoroughly and all have details explained to them at the outset as to what future costs could be. Without the scheme I am not sure that the housing market would be in the relatively stable position it seems to be in.”
The Government also claims that their abolition of Stamp Duty for first time buyers will help an extra five million people get on the property ladder over the next five years.
If you’re interested in purchasing a property using a Government scheme such as Help to Buy, our team can offer advice and support today. To speak to a member of the team, email us at firstname.lastname@example.org or call our nearest office.