- There are less than three months left for First Time Buyers to benefit from the Help-to-Buy Equity Loan scheme. The deadline for new applications is 6pm on 31st October 2022.
- The Equity Loan scheme has helped over 300,000 First Time Buyers take a step onto the housing ladder since it was first introduced in April 2014.
- Unsurprisingly, the scheme was most popular in areas with higher house prices. 18% of the loans were in the South East, compared to only 6% in the North East.
- The scheme is only available on new build homes. Over 60% of new build homes built in the South East, South West and East of England , were priced at a level that would qualify for the scheme, encouraging many First Time Buyers to seize the moment. Source: Dataloft, DLUHC, Land Registry
Deadlines, deadlines, deadlines…the dreaded word that used to send shivers through my spine during my time at university, where I sometimes failed to use my time as efficiently as I could have.
The help-to-buy scheme has been a great supplement to the market, allowing first-time buyers to get onto the property ladder and purchase homes they otherwise wouldn’t be able to afford. Who doesn’t love the idea of owning a newly built home? Freshly painted, with modern appliances, en-suite bathrooms, off-street parking and, on most occasions, outside space. This has often been the typical design for newly built properties in the Wallington area, depending on whether purchasing a flat or a house, which has attracted so many first-time buyers to make their move onto the property ladder.
Owners who bought through the help-to-buy scheme in its infancy have benefitted from capital growth and have then been able to upsize to a larger property. Other purchasers found their ‘forever homes’ with some brilliant new builds providing enough space to grow and raise a family, just like some of the stunning new builds in New Mill Quarter located right by Hackbridge station.
So many prospective first-time buyers find it incredibly difficult to save a big enough deposit pot. With the Help-to-Buy Equity Loan Scheme, achieving homeownership has been so much more attainable, which is why I will be sad to see the scheme end. I would advise any prospective purchaser thinking of buying to look into their eligibility for using the scheme whilst it is still available and potentially secure a new home like some of the brilliant options currently available within the Wallington area.
Matthew Keddo – Truuli Property Expert
