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News - 2 January 2014

750 homes bought under Help to Buy Scheme

Downing Street have released figures for the Help to Buy scheme from the start of the scheme in October 2013 up to 18 December, with almost 750 homes having been bought and about 6,000 people making offers on properties.

The scheme is designed to allow people to buy homes with a deposit as small as 5% of the total cost. The two lenders who joined the scheme from the outset, RBS and Lloyds Banking Group, supplied the data for the press release.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Under the Help to Buy mortgage guarantee scheme which started in October last year, the government allows lenders to buy a seven-year "guarantee" - backed by the taxpayer - covering 15% of the loan value in case the borrower defaults.”

The scheme is not without its critics, with the Business Secretary, Mr Vince Cable saying that the scheme is causing a housing boom in London and the South East - not in other parts of the country, and should now be reassessed.

In contrast, the Labour shadow housing minister Emma Reynolds said housebuilding needed to be increased.
"Any help for first time buyers struggling to get on the property ladder is to be welcomed. But rising demand for housing must be matched with rising supply if this scheme is to bring the cost of housing within the reach of low and middle income earners."

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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