You are here: Home - News -

First-time buyers jump on property ladder as Help to Buy 2 draws to close

  • 11/10/2016
  • 0
First-time buyers jump on property ladder as Help to Buy 2 draws to close
The impending closure of the Help to Buy: Mortgage Guarantee Scheme, scheduled for December, has created a rush of first-time buyers attempting to jump on the property ladder while they still can.

September saw the number of valuations for first-time buyers up by 19%, based on research from Connells Survey and Valuation.

Remortgaing valuation activity rose 15% year-on-year and despite significant changes in buy to let, valuations for the market were up 0.4% compared to last year.

The number of all property valuations was up 4% compared to the same time last year.

first-time buyer activity rose to 18.7%

credit: Connells Survey and Valuation

John Bagshaw, corporate services director of Connells Survey and Valuation, said he had expected the market to experience a flurry of activity in response to  the Chancellor’s announcement of the Help to Buy: Mortgage Guarantee Scheme closing at the end of the year.

He added he was optimistic that first-time buyer activity would not plummet once the scheme ended as buyers now had alternative options.

“There are now more than 30 lenders offering 90 to 95% loans outside Help to Buy so the scheme is not as important to the market as it was.

“Other Help to Buy schemes will continue until 2020, including the five-year, interest free equity loans for new build homes and the Help-to-Buy ISA,” said Bagshaw.





There are 0 Comment(s)

You may also be interested in

Read previous post:
Union Jack
Mortgage brokers urged to put Brexit at centre of client meetings

Mortgage brokers have been urged to bring Brexit to the forefront of the conversations they have with their clients, at...