Help to buy is making UK houses more expensive with an increased demand and a dwindling supply
- 29 May
The number of eligible properties under the government's flagship scheme in England and Wales has fallen, while average prices have risen, since the launch of its second phase, property website Zoopla.co.uk reports.
Lawrence Hall of Zoopla.co.uk also said:
"The help to buy scheme was introduced to help grease the wheels for buyers locked out of the market. But fuelling demand was also expected to spark sellers into action and increase the supply of properties available on the market.
"That spark seems yet to ignite as the overall level of properties eligible under help to buy has actually fallen over the last six months.
"Unless stock levels increase, the supply shortage will continue to put upward pressure on prices as more buyers enter the market."
According to statistics by 24dash.com:
- The analysis of properties available for sale in England and Wales up to a value of £600,000 shows that help to buy has done little to encourage sellers into the market since in October 2013.
- Since the launch of the mortgage guarantee, the number of properties eligible under the scheme has actually fallen 1.9%.
- The supply squeeze has pushed up the average price of properties eligible under help to buy by 2.2%, from £222,168 in October to £227,010 today.
- The South East of England has seen the biggest falls in stock levels since October with the number of eligible properties down 7.4%, whilst average prices have risen 3.6% over the same period and now stand at £274,464.
- London has also seen a significant drop in the number of properties eligible under help to buy which has fallen by 6.7% since October.
Wales and the Midlands are the only regions to have seen increases in the number of help to buy eligible properties available.
Picture Source: (http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10179530/Government-takes-aim-at-Help-to-Buy-cheats.html)
Related articles
- 02 Nov
THE ONS PLANS TO CHANGE THEIR DECISION TO MAKE HOUSING ASSOCIATIONS PUBLIC BODIES
According to reports by 24 Housing, the ONS said the following:Gavin Smart, Chartered Institute of Housing's deputy chief executive also said:"Although we have been expecting this decision for some...
- 30 Aug
RECENT ANALYSIS FINDS THAT THE HELP TO BUY SCHEME HAS ADDED TO THE INFLATION OF HOUSE PRICES
The analysis of the Help to Buy Scheme revealed the following:The chief executive of Paradigm Housing Group, Matthew Bailes, said:" ... clearly, it worked well for developers, and for providers, it...
- 22 Aug
A NORTH WALES COUNCIL REVEALED THEIR WAITING LIST FOR NEW HOMES HAS REACHED BREAKING POINT
The north Wales Council revealed their waiting list for new homes has reached "breaking point".According to Clare Budden, Flintshire Council's community enterprise chief officer said:"There are...
- 17 Aug
HOMELESSNESS POLICY IS UNDER REVIEW IN A NORTHAMPTONSHIRE COUNCIL
Kettering Borough Council has amended its letters to homeless residents to let them know of their right to request a temporary accommodation review.According to an ombudsman, Michael King:"People in...
- 15 Aug
FINANCIAL CONSTRAINTS HAVE CAUSED THE CLOSURE OF MANY CHILDREN AND YOUTH CENTRES
Local Government Association (LGA) made the following findings:Chair of the LGA's children and young people board, Richard Watts, said: "The reality is that services for the care and protection of...
- 11 Aug
RESIDENTS OF BUILDINGS IN LEDBURY ESTATE, SOUTHWARK, SOUTH LONDON WILL BE MOVED OUT TEMPORARILY
The buildings in Ledbury Estate in Southwark have been constructed in a similar way to Ronan Point, a tower block in Newham which collapsed in 1968 as a result of a gas explosion, killing three. An...
- 10 Aug
THERE IS A DECLINE IN THE HOUSING MARKET IN LONDON AND OTHER PARTS OF THE SOUTH EAST OF ENGLAND
The Royal Institution of Chartered Surveyors (Rics) made the following findings:Chief Economist at Rics, Simon Rubinsohn:"Sales activity in the housing market has been slipping in the recent month...
- 07 Aug
REPORT FINDS THAT PEOPLE ARE INTENSELY SUFFERING FROM LACK OF AFFORDABLE HOMES IN SCOTLAND
According to the report by "Shelter":Shelter's deputy director, Alison Watson, said:"This report shows the disproportionate impact of Scotland's housing crisis on young people and private renters who...
- 02 Aug
NEW REPORT BY THE PUBLIC ACCOUNT COMMITTEE IN WALES COMMENDS HOUSING ASSOCIATIONS
The report which was put together after nine months of inquiries stated the following:Nick Ramsey, Chair of the Public Accounts Committee, said:"Generally, we found governance and regulation within...
- 31 Jul
LONDON COUNCIL URGES THE GOVERNMENT TO MAKE MEASURES TO END LETTING FEES FOR PRIVATE RENTERS
The London council say urgent action is needed because the government has not provided "a clear timescale to introduce its own measure", Letting Agent Today, reports.Last year, the government had...
Support Solutions 5th National Housing Support & Social Care Conference 2014 The conference tackled todays issues at provider level, and provided knowledgeable people to present the workshops. A.L - Caraston Hall
