Help to Buy Scheme is increasing in popularity
According to David Cameron, there were 4,000 Help to Buy applications received in December which is twice the amount received in November 2013. This figure is also expected to rise with Santander and Barclays getting ready to sell Help to Buy mortgages joining the Royal Bank of Scotland, Lloyds and HSBC.
However, only 750 property transactions have completed so far but David Cameron is hopeful that this figure will soon rise. He also stated that 80% of the applications outside of London were first time buyers but analysts predict that house prices will continue to rise in 2014.
The second phase of the Help to Buy Scheme which was due to be launched this month was brought forward and launched in October 2013. The second phase means that the Government will guarantee part of a mortgage of any property rather than a new build house up to £600,000 for buyers with a deposit of 5%.
The Treasury has a £12 billion fund which is predicted to underwrite £130 billion worth of new mortgages but the house sale figures still remain down on the 130,000 registered property sales in 2006.
Are you thinking of purchasing a property with the help of the Help to Buy Scheme or are you the owner of one of the 750 properties that have used the Help to Buy Scheme to purchase your house? If so, please share your views below.
Amanda McGovern, Pali Ltd
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