Press response to Help to Buy data and HMRC property transactions
Thu 21 Nov 2013
Peter Rollings, CEO of Marsh & Parsons, comments: "Across the UK, the first phase of Help to Buy is clearly helping first time buyers to take their first steps onto the property ladder. But in London, high prices mean that many are still struggling to get a foothold. In Prime London, the average price of a one-bedroom property now stands at over 500,000 for the first time and the number of purchases made between 500k-600k using the Help to Buy equity loan scheme accounts for only 26 completed property sales throughout the UK in the last six months, from a total of nearly 5,500.
"The main benefit of Help to Buy has been a change of mindset. By amplifying demand at the entry level of the market, the scheme has created a catalyst for first time sellers to put their property on the market, sparking a chain reaction that will be felt at all rungs of the property ladder. The market is brimming with confidence and fluidity has returned the number of property transactions this month was 24% higher than the same point last year. The bottleneck of first time buyers will ease as supply frees up further along the ladder. The second phase of Help to Buy will only increase this further."