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| Help to Buy scheme take-up praised by David Cameron | Help to Buy scheme take-up praised by David Cameron |
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| Early figures on the take-up of the government's new Help to Buy scheme should allay fears that it will fuel a housing bubble in London and the south-east, David Cameron .suggested on Monday. | Early figures on the take-up of the government's new Help to Buy scheme should allay fears that it will fuel a housing bubble in London and the south-east, David Cameron .suggested on Monday. |
| In a statement welcoming the news that 2,000 people have already put in offers on homes using the mortgage guarantee scheme, on properties worth £163,000 on average, Cameron said the money was helping young first-time buyers on average incomes. | In a statement welcoming the news that 2,000 people have already put in offers on homes using the mortgage guarantee scheme, on properties worth £163,000 on average, Cameron said the money was helping young first-time buyers on average incomes. |
| More than three quarters of the applications have come from outside London and the south-east.The government has been operating its Help to Buy equity loan scheme for newly-built homes since April, but the Help to Buy mortgage guarantee launched only four weeks ago. It enables people to buy homes worth up to £600,000 with a 5% deposit because the government will guarantee 15% of the mortgage. | More than three quarters of the applications have come from outside London and the south-east.The government has been operating its Help to Buy equity loan scheme for newly-built homes since April, but the Help to Buy mortgage guarantee launched only four weeks ago. It enables people to buy homes worth up to £600,000 with a 5% deposit because the government will guarantee 15% of the mortgage. |
| Downing Street said that 2,000 people had used the scheme to put in offers involving mortgage lending worth £365m. On average people are asking to borrow £155,000, for properties worth on average £163,000, well below the UK average price of £247,000. | Downing Street said that 2,000 people had used the scheme to put in offers involving mortgage lending worth £365m. On average people are asking to borrow £155,000, for properties worth on average £163,000, well below the UK average price of £247,000. |
| More than three-quarters of applicants are first-time buyers and many are in their early 30s, Downing Street said. | More than three-quarters of applicants are first-time buyers and many are in their early 30s, Downing Street said. |
| There have been fears that Help to Buy could increase house price inflation in London and the south-east, where the housing market is much more buoyant than in the rest of the UK, but Cameron said that the benefits were being spread widely. | There have been fears that Help to Buy could increase house price inflation in London and the south-east, where the housing market is much more buoyant than in the rest of the UK, but Cameron said that the benefits were being spread widely. |
| "Four weeks in and it's clear that Help to Buy is already delivering," he said in a statement. "Seventy-five families every single day have been put on the path to owning their dream home. | "Four weeks in and it's clear that Help to Buy is already delivering," he said in a statement. "Seventy-five families every single day have been put on the path to owning their dream home. |
| "But the best thing about Help to Buy isn't the statistics – it's who is really benefiting. Most Help to Buy applicants are first-time buyers, young and have a roughly average household income." | "But the best thing about Help to Buy isn't the statistics – it's who is really benefiting. Most Help to Buy applicants are first-time buyers, young and have a roughly average household income." |
| Downing Street said that 65% of mortgage providers have now signed up to Help to Buy and that, under the scheme, more mortgage products from HSBC, Santander, Virgin Money and Aldermore would be released over the coming months. | Downing Street said that 65% of mortgage providers have now signed up to Help to Buy and that, under the scheme, more mortgage products from HSBC, Santander, Virgin Money and Aldermore would be released over the coming months. |
| The Help to Buy mortgage guarantee scheme is due to run for three years. The Bank of England's financial policy committee has the right to intervene if it thinks house price inflation is getting out of control, but on Saturday the Commons Treasury committee said that the Bank needed to clarify how such intervention might work because at the moment the extent of its powers in this area was not clear. | The Help to Buy mortgage guarantee scheme is due to run for three years. The Bank of England's financial policy committee has the right to intervene if it thinks house price inflation is getting out of control, but on Saturday the Commons Treasury committee said that the Bank needed to clarify how such intervention might work because at the moment the extent of its powers in this area was not clear. |
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