FTB purchase times unaffected by Help to Buy

FTB purchase times unaffected by Help to Buy

According to a new report, the looming end of part of the Help to Buy Scheme has had no impact on when the vast majority of first-time buyers planned to purchase their own property.

When first-time buyers were asked if the December 31st 2016 expiry date for the mortgage guarantee part of the Help to Buy scheme made any difference on when they chose to step onto the property ladder, 43% said it had made no impact and a further 30% claimed they had never heard of it.

Of those who said that the deadline had made some sort of difference to their purchasing plans, only 18% said it had made a moderate or significant difference.

Adrian Gill, said: “It’s disappointing to see the Government’s Help to Buy scheme has not quite penetrated into the mainstream of the first-time buyer market. It’s a great product for those who have the capital and job security to sustain regular mortgage payments, but who just need a little support paying the initial costs to secure that ideal home. It’s also worth noting that even if the scheme assisted only a fraction of the first-time buyer market, that’s still several thousand people every year who have had their homeowning aspirations realised in part because of Help to Buy. Amid all the impersonal data, it’s important to not lose sight of these human stories.


Nevertheless, we are clearly seeing a growing trend of self-reliance among the first-time buyer population. They prefer to use their own initiative when saving for their first home, rather than reply on state support, however well-intentioned. With a positive economic climate where job security is strong and real-terms wages are rising, it’s realistic for first-time buyers to have this tough but optimistic outlook. Let’s hope they can keep hold of it as 2016 progresses.”

Regional differences

In February, the highest average purchase price was paid by first-time buyers in London at £344,418, while Northern Ireland was the cheapest region for first-time buyers, with the average prices in the region standing at £92,665.

Region

Average Purchase Price

Average deposit

Average mortgage

Number of FTBs*

London

£344,418

£83,220

£261,198

13000

South East

£214,386

£35,214

£179,172

17400

East of England

£192,918

£47,959

£144,959

3100

UK

£156,276

£24,621

£131,655

88700

South West

£151,406

£23,358

£128,048

7200

East Midlands

£139,956

£28,685

£111,270

6200

West Midlands

£138,205

£20,507

£117,697

7300

North West

£127,731

£17,740

£109,992

8900

Yorkshire & Humber

£126,177

£19,340

£106,837

7300

Scotland

£122,979

£21,559

£101,420

8600

Wales

£120,041

£14,380

£105,661

3800

North East

£108,395

£14,546

£93,849

3800

Northern Ireland

£92,665

£15,561

£77,104

2100

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Latest Comments

SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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