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A series of new developments help boost property take-up

01-May-2014

Help to Buy scheme boosts property take-up.

This week there has been reports about various schemes aimed at getting more people on the housing ladder. These new initiatives which have all been shown to help first time buyers afford to invest in a new home.

One of the most recent reports to come out of the property sector featured figures from the government that revealed over 27,000 people were helped onto the property ladder by new initiatives.

This is predominantly because of the government's Help to Buy and NewBuy schemes, which are designed to facilitate property investment.

Over 24,000 people have purchased new build homes thanks to the Help to Buy equity loan scheme and NewBuy initiative. A further 2,500 sales have been made through the Help to Buy mortgage guarantee scheme.

Commenting on the findings, housing minister Kris Hopkins said that the government's initiatives are helping to create a new generation of property investors and helping first time buyers to get their foot onto the housing ladder.

He added: "Thousands of people have now achieved their dream of becoming homeowners through Help to Buy. Hard working families are getting the homes they want, while house building is at its highest level since 2007 and climbing. It’s clear evidence our long-term economic plan is working. But there is still more to do, and we will continue to prioritise resources to improve the housing market."

Property demand on the rise

All of these initiatives have only served to boost the demand for housing in the UK. This is demonstrated by other recent studies that showed the number of people making enquiries into purchasing a house has continued to rise.

A Markit and IPSOS Mori study revealed that property demand has risen. According to its findings, five per cent of UK households plan to buy a property in the next year and another 20 per cent plan to do so within the next five years.

The research was commissioned by Knight Frank and it showed that 28 per cent have indicated that they want to buy a house or apartment in the future, while around 1.35 million households are planning to buy a residence in the next year.

House building on the rise

But higher demand and property lending schemes are not the only positive news to emerge from the property market this week.

One of the main problems that many first time buyers experience is that a constraint on housing supply usually results in house price rises.

Now of course, this is great for those who already own homes and are planning to sell them - but not so great for the first time buyer trying to make it onto the property ladder.

However, this week Mr Hopkins announced that over half a billion pounds will be channelled into smaller housing schemes in the UK. This is expected to result in the construction of 15,000 new homes, which will undoubtedly come as good news for homeowners-to-be.
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