Help To Buy Homebuyer Hotspot
With the current Help to Buy equity loan scheme expiring last month, homebuyers will have been glad to see the Government announce a replacement scheme to start as of this April. The latest version of the scheme is restricted to first-time buyers and includes regional property price caps to ensure ‘it helps those who need it most’.
With house prices up 7.5% in the last year alone, it’s no surprise that a third of all H2B homes listed for sale in the UK have already been snapped up by homebuyers.
But where is demand highest?
Benham and Reeves analysed what proportion of Help to Buy stock was already sold subject to contract (SSTC) or listed as under offer across 25 major UK cities and what this demand translates to as a percentage of all H2B stock listed.
Bristol is currently the UK’s Help to Buy homebuyer hotspot, with 60% of all homes eligible for the scheme already SSTC or under offer.
Portsmouth and Swansea also rank high, with half of all homes listed with the help of H2B already taken by homebuyers.
Oxford is home to the next highest level of Help to Buy homebuyer demand at 48%, with Leeds (35%), Southampton (34%), Glasgow (33%), Cambridge (32%) and Bournemouth (31%) also ranking within the top 10.
It’s a three-way tie for the 10th top spot, as three of the nation’s big hitters in London, Manchester and Liverpool all see Help to Buy demand from homebuyers current sit at 29%.
House Prices Are Getting Out Of Reach
Director of Benham and Reeves, Marc von Grundherr, commented:
“While the stamp duty holiday has been a great way of boosting market health during a very tough period, further fuelling demand has only helped push house prices further out of reach for many first-time buyers.
This has made the aspiration of homeownership all the harder and it’s clear that many are reliant on a leg up via the Help to Buy scheme as a result, with high demand for homes that qualify in cities all over the UK.
Of course, it’s fair to say that Help to Buy in its various forms has also helped drive demand with homebuyers purchasing property that they would otherwise have been unable to afford.
So perhaps instead of introducing yet another demand-based initiative to artificially inflate house prices, it’s time the Government really start looking at building more houses if they do wish to ‘help those that need it most’.”
About Benham and Reeves
- Benham and Reeves is one of London’s largest independent letting and sales agents.
- Benham and Reeves is a family-run agency, established in 1958 in Hampstead, London.
- Benham and Reeves has 17 branches in prime residential London locations and five international offices in China, India, Hong Kong, Malaysia and Singapore.
- The company specialises in a tailored, end to end service for its clients in London and worldwide, from the sale or letting of a property, to property management, tax accounting, snagging, refurbishment and furnishing solutions.
- Anita has 35 years of experience within the property sector, helping to build Benham and Reeves from a single branch in Hampstead to one of the most established independent estate agents in London.
- Anita has driven the company’s vision to offer a complete range of property investment-related services from purchase to handover, furnishing and refurbishment, lettings and property management.
- Anita also helped spearhead the company’s overseas expansion in China, Hong Kong, India, Malaysia and Singapore.
- Marc von Grundherr is the Director at Benham and Reeves.
- Marc joined the business in 1995 and has extensive knowledge of the London and UK property market.