Liquid error: wrong number of arguments (2 for 1) Help to Buy schemes see 150,000 completions | Marsh & Parsons Sales and Lettings Estate Agents London

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Help to Buy schemes see 150,000 completions

Fri 11 Mar 2016

Since the launch of the Help to Buy equity loan and mortgage guarantee schemes in 2013, over 150,000
completions under the scheme have taken place, with 80% having been made by first-time buyers.The average
house price for both parts of the scheme, at 188,380 (155,897 for the mortgage guarantee and 220,825 for
the equity loan scheme), remains significantly below the national average house price of 288,000.With 95% of
completions outside of London, the highest number of homes through the mortgage guarantee scheme have
been in the North West region.Over half of the homes bought through Help to Buy are new-build properties,
helping to contribute to the 14% rise in private house building since the launch of Help to Buy.George Osborne
said:"While the stronger financial system means we expect banks to start to exit our Help to Buy Mortgage
Guarantee scheme, the other Help to Buy schemes go from strength to strength."The Help to Buy ISA, launched
in December 2015 has already helped a quarter of a million people save for their first home by providing a bonus
of up to 3,000."Charles Holland, Head of Residential Investment and Development at Marsh & Parsons,
commented:The Governments Help to Buy scheme has certainly made a splash in the London property market.
Across London, buyers the majority of whom are those taking their first step onto the property ladder have
seized the opportunity to get a helping hand to purchase their dream home. As demand for entry level properties
in the capital continues to hot up, and deposit sizes increase as a result, many who aspire to home-ownership will
be hoping the scheme continues so that they too can take advantage of it, once their finances permit.The
scheme has been a welcome policy move for the Capitals developers who have suffered from recent legislation
in the form of the SDLT reforms and the reduction in Buy to Let mortgage payment tax relief, which comes into
effect from 2017 onwards. The success of Help to Buy has been so great that many developers are now trying to
catch up with demand. The trend for developers to deliver new projects in increasing volumes in emerging, more
affordable locations looks set to continue therefore as they seek to keep the first-time buyer, and their cash
constraints, in mind.

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