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UK Housing Market Still Benefitting From Help To Buy

published on 18/01/2019  

It’s not been an easy year within the housing market and one of the slowest in recent times. With uncertainly around Brexit, this shows no sign of abating in the coming months so many businesses are cost cutting as a result.

There are however some firms in the UK property sector such as Persimmon who are riding the crest of a wave on the back of the governments ‘Help To Buy’ scheme.

With a four percent rise in annual revenue Persimmon have benefitted not just from the Help to Buy scheme, but low interest rates and a competitive mortgage market, which has supported confidence and customer demand across the UK.

Help To Buy has proved extremely popular throughout the country and there is no sign that government is going to pull the plug on the scheme any time soon. Almost 94,000 people have bought a home through the scheme and over 5% of that total were people buying in London.

Together with the government’s Help to Buy: NewBuy scheme – which offered 95% mortgages for those buying new-build properties - the number of new home owners has reached almost 100,000 (99,601).

Help to Buy is also ensuring the long-term health of the housing market by increasing housing supply, stimulating home building. Over half of the homes bought through Help to Buy are new-build properties, helping to contribute to the 41% rise in private house building in England since the launch of Help to Buy.

Once there is a resolution to Brexit it would be good to see property sales get back on track with people hopefully regaining their trust in the market. Until then, it’s a case of wait and see.

The Treasury has also already confirmed that it is providing the Homes & Communities Agency with an allocation £6 billion committed to extend Help to Buy to at least 2020, giving developers certainty so they can plan for future Help to Buy housing schemes.

Tags: Housing Market, Help To Buy