First time buyers being drawn in by Help To Buy scheme
Help To Buy benefitting first time buyers
Estate agents are reporting a surge in first time buyer registrations as the number of people looking to buy their first home increases. Many of the buyers are borrowing money with the help of the taxpayer backed scheme. The boost in numbers has been welcomed by the government who say that they are giving families and individuals the opportunity to get a foot on the housing ladder.
The number of mortgages being approved has also risen along with completed sales. The picture is very different in the north of the country where the Help To Buy scheme has yet to take hold. Much of the activity in the south has been put down to the number of foreign buyers that have been buying in the south-east of Britain. This has pushed prices higher and has had an adverse affect on the number of homes that are available for first time buyers.
Londoners being forced to buy outside of London
New evidence suggests that Londoners are now being forced to move out to the suburbs so that they can buy a home. The high house prices in London and the south east is affecting the growth of many businesses in ~London because they are struggling to find staff that can afford the rents in and around london.
The government has said that it is doing everything it can to encourage new homes to be built. The Chancellor announced in the Autumn Statement that the government would be giving a further £1bn of new funding to help boost the supply of new homes in Manchester and Leeds