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Although the deadline for applying for assistance with buying has passed, demand for the home buying scheme remains strong, with a third of all properties offering additional assistance already snapped up by buyers, according to Wayhome.
The UK government’s Help Buying program has been providing equity loans since 2013 to enable potential homebuyers to take the first step up the property ladder.
The scheme closed to new applications on October 31 last year, with a completion deadline of March 31 this year.
However, demand for buy schemes is still strong, with 33% of those for sale using buy schemes across the UK.
Demand is highest in the West Midlands, where 48% of all homes listed for sale under the buyout scheme are already listed or sold under contract, followed by the East of England (44%) and Yorkshire and the Humber (43%). . %).
In cities, Bristol tops the list, with 70% of all homes offering assistance under the Buy Scheme already selected by city homebuyers, with Cardiff (65%) and Sheffield (50%) also in the top three.
Despite strong demand, Wayhome says it remains a major challenge when it comes to stock offerings that offer additional help with the buying scheme.
Across the UK, the 13,066 homes currently offering this extra help to homebuyers represent just 2.2% of the total homes for sale.
These inventory levels fell to 0.3% in Scotland, while in the city of Glasgow alone they fell by 0.1%.
Shares also fell sharply in Wales (0.8%), the North East (1.4%) and Yorkshire and the Humber (1.5%).
In fact, there are only two regions that boast above-average inventory levels. These are the South East (3.9%) and London (2.7%).
Nigel Purves, co-founder and CEO of Wayhome, comments: “The Help to Buy scheme has rightly been criticized for stimulating demand at a time when the government has done very little to build more homes.”
“This imbalance has driven home prices even higher, but it is undeniable that the scheme has helped a huge number of buyers realize their dreams of owning a home. Now that it is no longer available, many others are trying to overcome the initial financial difficulties of buying a home.”
“The private sector is doing its best to fill the void left by Help to Buy, but as our research shows, we simply cannot fill this gap alone. At the same time, the vast majority of buying patterns are also dependent on the launch of new builds, further limiting the options available to homebuyers.”
“As a result, there are very few schemes that provide support in new and existing markets, and our gradual home ownership program is one of them.”
“It will be interesting to see if this issue is addressed in this week’s spring statement, but as it stands, the plight of homebuyers in the country persists, with countless people unable to transition from renting to owning.”
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