The Help to Buy scheme is available on new build houses up to £600,000, but a lack of stock at this price level means that the scheme is effectively redundant in a quarter of the capital’s boroughs.
Research from London estate agents James Pendleton shows there are no new build houses available to families at that price level in eight of London’s 32 boroughs.
Slim pickings
In other boroughs there are only a handful. Lewisham, Southwark and Barking have just three each, while Greenwich and Wandsworth have just four.
There are just 603 for sale London-wide with Croydon boasting the most (59) followed closely by Richmond upon Thames (57).
In fact, houses account for just 2.7% of London’s new build property stock below £600,000, so families wanting to take advantage of the scheme are limited to flats.
Lucy Pendleton, founder director of James Pendleton, said: “We know that house prices are overinflated in parts of the capital, but this research really highlights the scale of London’s property crisis for families.
“This research shows that, for those among them who need a leg up, a quarter of the capital is off limits.
“With houses making up such a small proportion of London’s new build property stock below the Help to Buy threshold, the reality is that families will be forced to stay in cramped and uncomfortable accommodation.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.