Government figures show that over 10,000 people have had success through the new Help to Buy scheme, which has affected the housing market in a positive way.
According to bbc.co.uk, money enough for a further 73,000 Help to Buy applications has been set aside in order to help boost the housing marketing even more.
Help to Buy is a government scheme that was launched four months ago to help stimulate the housing market by getting first time buyers on the property ladder. It means people who can’t afford the standard ten per cent deposit only have to pay a five per cent deposit because the government lends them 20 per cent of the property’s worth, in the form of an interest free loan.
Currently, this scheme is only available on new builds but from next year, Help to Buy will be available to all houses costing under £600,000.
It is likely the scheme has helped to support estate agents as well as builders and the continued support of Help to Buy might also increase estate agent recruitment.
Communities secretary, Eric Pickles, said that over 10,000 reservations in four months shows that the scheme is working well and has boosted the amount of houses being built, as well as getting many young families on the property ladder, reports theconstructionindex.co.uk.
He said: “This government’s package of measures to boost the housing market is working, with housebuilding and housing supply on the up. The tough decisions we’ve taken to tackle the deficit are now delivering a sustainable increase in housing and providing real help to hard-working people.”