Time is running out for Isle of Wight buyers wanting to jump on the property ladder, with less than 12 months left of the Government’s Help to Buy scheme.
Help to Buy is due to end on 31st March 2023, and buyers on the Island are urged to act quickly. Property purchases will need to be completed by this date, and with the legal process of getting a home purchase over the line typically taking up to 3 months, it’s a race against time.
Since its launch in 2013, the Help to Buy scheme has given 300,000 consumers a leg-up onto the housing ladder. The scheme cuts the size of the up-front deposit required by a typical first-time buyer for a new-build home from at least 10% to 5%.
In 2021, the Government changed the scheme to focus on first-time buyers only, as well as setting a date for Help to Buy to finally end and introducing region-wide caps that reflect the average price in the local housing market. The loans still support buyers to purchase new-build properties with an equity loan worth up to 20% of the property price.
Jon Green, Barratt Homes Managing Director, Southampton Division, said:
“Since it started in 2013, the Help to Buy scheme has helped thousands of buyers get on to the property ladder. With the latest version of the scheme coming to an end in just 12 months’ time, we’re urging buyers looking to secure their first home in the region, to act now, before it’s too late.”
“This recent scheme focuses on supporting first-time buyers. While there are affordable housing options within city centres, buyers can be smart about how they step on to the ladder by finding more affordable new-build homes within easy reach of good job opportunities, green spaces, and nightlife.”
Nothing quite like a loan from the government to get a loan from a bank to artificially push up home prices.
Yup, also all the NIMBY lot blocking new builds for any and all reasons. Some new sites are a poor choice but they block all. Buy to let is also an immoral activity. People renting have shown their ability to pay a mortgage buy paying someone else’s along with a fat high in price. They are effectively taxing people who are not lucky enough to have a wealthy parent to load them 50k for a deposit. And by charging such high rents they are making impossible for people to save a deposit. And because the boomers were bribed to turn council housing into private properties in the 80’s there is no longer a reasonable option.
Get a grip.
The housing market has never been easy for working class people. Do you not think it was the same issues in the 70’s when first time buyers were trying to save for a deposit. Rampant inflation, interest rates of 20% but the big difference was that generation didn’t blame it on others or expect handouts.
I couldn’t have put it better myself, absolutely spot on.
Difficult to get a loan with working a zero hour contract !!
I have always had a zero hours contact all my life, bought my first house for £4600 in 1971, I was earning £14.00 a week for 50 hours so went and worked evenings and weekends to raise the deposit sold my car and used a motorbike, never had TV or went out, or Government help my parents never had any money and they did the same, I am 76 now and still working 40 hours a week. Both my son and Daughter have done the Same on there own with no help from me, cost are relavent a lot of young people have nice cars go out for regular meals, I think if you are prepare to work hard and leave some of life’s luxury to later life. Most young couples can do the same,
I’m so sorry society has failed you. Working 40 hours a week at 76 is not appropriate, I hope your the world is better by the time your children are your age.
Very well put and I totally agree.
I had two or three jobs on the go at any time, worked 80 hours most weeks right through from the 70’s to the end of the 90’s when I cut back to one job and lots of overtime. Car, which was a series of old bangers only had petrol when I could afford it. No holidays, no meals out. Had to move from my hometown hundreds of miles away to find cheaper houses.
Now have 3 kids in their 30’s who have all struggled to buy but with the right work ethic have all managed without any help from parents or family.
The attitude now seems to be just whinge and moan, you never know, someone may put it right for you.
And the rich get richer, whilst the lower, working and lower middle classes squabble amongst them selves.
Divide and conquer.
2% of people own 95% of the worlds wealth.
And society wonders why some people turn to crime, rather than working 80 hours a week into there twighlite years, just to have a roof over there head.
Who are the real criminals here ?
# SHARE THE WEALTH.COM.