As part of the government’s “starter homes” plan, people under the age of 40 and looking to purchase a home for the first time can now get up to 20% off the original price. It is an initative which looks to grow the ownership of homes in England and promotes construction on “brownfield” sites.
Countrywide, the UK’s largest property group has warned that the housing market could experience a ‘sluggish’ period in the run up to the general election.
The government’s Help to Buy scheme has been given a massive boost following statistics from the Department for Communities, indicating that the policy has invoked over 5000 new house sales in the past six months.
New mortgage products emerging on the property market are set to severely challenge the popularity of Help-to-Buy mortgages, with many of the merits of the government’s flagship scheme being offered on top of the new offerings.
David Cameron has recently taken to the media to highlight the merits of the government’s flagship help-to-buy scheme, pointing to figures about an increase in young buyers as clear evidence of the initiative.
The Prime Minister David Cameron has moved to address fears about a potential housing bubble, arguing that recent statistics indicate that it has been a ‘success’.
HSBC has announced its support for the government’s Help to Buy plan citing that it will start providing mortgages covering 95% of a property’s value as specified in the scheme.