UK Property Boosted by Help-to-Buy Say Government

The last week has seen a number of positive highlights for the UK property market. For example, the latest Help-to-Buy figures reveal that nearly 53,000....

The last week has seen a number of positive highlights for the UK property market. For example, the latest Help-to-Buy figures reveal that nearly 53,000 households have bought a home in England through the government's flagship scheme.

According to the report, 80% of sales have gone to first time buyers with 70% buying new-build homes, leading supporters of Help-to-Buy to declare the scheme a roaring success.

More new homeowners throughout UK

The data shows that 3,500 new homeowners have also been created in Scotland, Wales and Northern Ireland through the government initiative.

Housing and planning minister Brandon Lewis said that hard-working families were voting with their feet, while Help-to-Buy has boosted the supply of new homes.

Commenting on the findings, Lewis said: "Almost 53,000 households have now benefited through help-to-Buy in England. Hard-working families are getting the right support to step on to the housing ladder and house building has climbed to its highest level since 2007."

House-building at highest levels for 7 years

"Postcode data for each constituency is now available so local communities can see exactly how this vital part of our long-term economic plan is fixing the broken housing market we inherited in 2010, and supporting their area."

Government statistics also show that house-building has climbed to the highest level since 2007 with the construction sector recording growth for 16 consecutive months.

In a separate announcement published by the Greater London Authority (GLA), it was revealed that some 1,200 homes are expected to be built across two sites in London. The two sites are Silvertown Way and Pontoon Dock and 154 of the new homes are to be set aside for affordable homeownership.

London motors ahead with large-scale construction of new homes

Mayor of London Boris Johnson said: "Boosting house-building is my number one priority with City Hall leading the way with a range of creative approaches to address a 30-year failure to build enough homes. These two great new developments will turn surplus public land into new homes for Londoners."

"I also want to entice more institutional investors to come forward and invest in quality homes for Londoners, further supporting house-building and creating thousands of new jobs," he added.

Property prices at 2007 peak levels

Potential returns from property investment have been boosted by the rising values of properties in the UK. Figures published by the Land Registry reveal that house prices in England and Wales increased 1% in August to reach an average £177,824.

In addition, prices have increased by 8.4% year-on-year and are now not far from the peak of £181,383 in November 2007.

Although no direct link has been made, help-to-buy can undoubtedly be accredited with boosting homeownership in the UK. The reports of new housing developments and increasing construction appear to suggest that overall, it has increased general confidence in the market and had a positive effect in house-building.


- Wednesday 01 October 2014

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