Liquid error: wrong number of arguments (2 for 1) Help to Buy making biggest impact on the under-30s | Marsh & Parsons Sales and Lettings Estate Agents London

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Help to Buy making biggest impact on the under-30s

Sun 06 Oct 2013

Around 65% adults aged under 30 plan to buy their first home or move house by the end of 2016, the lifetime of

Help to Buy, according to Mortgage Advice Bureau. Its report suggests that almost one in three 18-29s are more

likely to buy a new build home using the new government support compared with 13 per cents of all adults.

The findings also show that homeownership remains a goal for nearly four in five UK adults. According to Zoopla,

there are 665,000 properties on the market that are eligible for the scheme. It also estimates that it will enable

people to buy a home with a deposit of under 10,000 in six out of ten regions across England and Wales. "Its

clear that consumers are crying out for better access to mortgages and the second part of Help to Buy, the

mortgage guarantee, brings existing properties into play alongside newly built homes," said Brian Murphy, head

of lending at Mortgage Advice Bureau. "It means the appeal of government support will extend to a wider

audience which can only help towards fulfilling homeowning ambitions. "Raising a deposit is the biggest challenge

buyers face and the guarantee will help them over this initial hurdle, leaving them with monthly payments they

can afford. It will also mean homeowners with limited equity have better prospects of moving up the property

ladder, which in turn frees up more homes for first time buyers."

Peter Rollings, CEO of Marsh & Parsons said: "The scheme will help to stimulate the UK housing market over the

short term like a shot of adrenalin. Outside London the market desperately needs this impetus as prices have

risen anaemically for some time but in real terms they havent risen for a number of years. But in London over

the last 12 months we have seen price increases of between 10 and 15 per cent. "Yet the capital needs this

stimulus to free up mid-ladder buyers who want to become first time sellers. This will create a much healthier

balance between supply and demand and its these buyers who need help to meet often stringent lending criteria

of the banks." However, according to housing charity Shelter the new policy will not help households earning

between 20,000 and 4

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