Help to Buy Scheme is Working!
20th August 2013
New figures show that the help to buy equity loan scheme has led to 10,000 reservations for new-build homes in the last four months.
The RICS said today that the UK housing market has finally turned a corner. According to the latest RICS residential market survey, buyers have returned in their largest numbers for four years.
Throughout July, potential buyers looking to enter the market rose at the fastest rate since July 2009, and 53% more charted surveyors reported increased demand. RICS have said that, thanks to the government’s finance initiatives, buyers have been returning to test the market, and would-be-buyers saw a considerable peak in July.
Growth has been seen across the UK. Initially focused in the South East, it has now spread right across the country, and the areas that suffered the most since the market crash, the West Midlands and the North East, experienced the biggest increase in buyer activity in July.
Ed Bidwell, Head of Building Warranties at Evolution said: “Nearly a third of a million more homes have been built in the last two years, excluding 150,000 extra affordable homes that have been built or are under construction.”
Since the launch of the Help to Buy Scheme in April, there have been 10,000 reservations for new build homes and this is great news for developers, builders and structural warranty providers. The government have said that the equity loan scheme is giving house builders the confidence to deliver and build more new homes.
The supply of new homes is at its highest level since 2008 and 319,000 additional homes across England have been added to the housing supply between October 2010 and October 2012.
On a very positive note the number of first time buyers is at its highest level since 2007 and rising fast!!