Figures have shown that the majority of those who have taken advantage of the government-backed Help to Buy scheme are first-time buyers, with David Cameron saying this is enough to show the scheme has been a success.
The PM said initial numbers revealed that the initiative – which critics have said has the potential to cause a house price bubble – was helping the industrious people it’s targeted at. With 2,000 buyers from all over the country benefiting from the scheme, those providing loft conversions on the Wirral and other areas of the UK are likely to see increases in demand.
A reception is set to take place at Downing Street in order to showcase some of the benefits on offer. This will feature some of the buyers whose applications for financial help have been accepted.
In the current phase, which was brought forward by three months in direct response to rising living costs, people are able to buy homes valued up to £600,000 with just a five per cent deposit.
Speaking about the success, Cameron said:
“Four weeks in and it’s clear that Help to Buy is already delivering.”
“In just one month, over 2,000 people have been accepted for a Help to Buy mortgage. Or put another way, 75 families every single day have been put on the path to owning their dream home.”
However, he went on to say that statistics aren’t the main benefit of the scheme. Most of the applicants, he said, are young people living on an average income and buying for the first time.