9 out of 10 homes on Rightmove within reach of new Help to Buy scheme
The Government today announced the launch of Help to Buy, a housing initiative that will enable home-movers to purchase a home with a 5% deposit.
The scheme will be available on new homes properties from 1 April 2013 and on resale homes from January 2014 and will apply to properties for sale at £600,000 or less. For further details please visit http://www.hm-treasury.gov.uk/10012.htm
Rightmove research finds that Help to Buy would apply to around 9 out of every 10 listings currently on the Rightmove website, including 97% of new build properties currently listed via a developer.
Rightmove director Miles Shipside comments:
“Over the last three years Rightmove’s research has consistently shown that raising enough of a deposit is the single biggest concern cited by those looking to get on, or trade up from, the bottom rungs of the housing ladder. It is encouraging that the Government appears to be going further than most anticipated in addressing the major issues in this area of the market. The extension of Help to Buy to the resale sector could also be crucial in enabling overlooked pockets of the housing market, such as second-steppers, to trade-up and help build chains across the wider market.”
Rightmove’s latest House Price Index recently reported a building in confidence and momentum in the property market with over 50% more enquiries from potential home movers being sent to agents and developers than a year ago. The latest survey of circa 40,000 potential home movers also found that 83% expected property prices to be about the same or higher in 12 months’ time, indicating a bedrock of belief that the worst travails of the housing market have passed.