· First-time buyers are paying an 8% premium on Help to Buy properties compared with other new-builds. Analysis by removals and conveyancing comparison website reallymoving.com – based on 70,000 first-time buyers using its service between October 2017 and July 2018 – found those purchasing a new-build home without using the Help to Buy equity loan scheme pay on average.
Introduced in April 2013, the Help to Buy Scheme offers buyers an equity loan of 20% (or 45% in London) towards the purchase of a new-build home. While the new NAO figures only cover loans made between June 2015 and March 2017, the report throws into question how effective the scheme has been at giving home buyers a leg up.
Significant numbers of people using the Government’s Help to Buy equity loan scheme in England would have been able to purchase a home anyway, according to a spending watchdog.
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What help is out there for first-time buyers. buy a new build property. Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus.
Gareth Davies, the head of the NAO, said: "Help to Buy has increased home ownership and housing supply, particularly for first-time buyers. imla welcomes government’s leasehold reforms "However, a proportion of participants could have afforded to buy a home without the government’s help.
Around three in five first time buyers said they would have bought anyway. home ownership has fallen by more than half in the last 25 years from 63 per cent in 1990 to 31 per cent most recently..
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Whitehead & Williams analysis of 2017 sales suggests that while 38 percent of first time buyers using Help to Buy could not otherwise have bought a home, that proportion was just 33 percent for home movers.1 This suggests that restricting the scheme to first time buyers would have a less dramatic impact than simply reducing transaction volumes.
Help to buy equity loan scheme. The Help to Buy Equity Loan scheme is available to both first-time and next-time buyers (those who have bought a property before). The scheme is available on selected new-build homes sold by developers; you cannot buy a second-hand home on the open market using the scheme.