A GOVERNMENT scheme which aims to help more people onto the property ladder has been given the thumbs up by a Uttoxeter housing association.
Help To Buy, which provides access to mortgage finance for those who struggle to raise enough for a deposit, has seen home sales rise three-fold for Trent and Dove Housing.
Steve Grocock, director of development at Trent & Dove Housing said: “Following government changes to the Right To Buy scheme, we have sold nine homes in total from April – September 2013.
“We have projected a further six sales for the remainder of the year, making an annual total of 15 sales in 2013/14.
“This is a 3-fold increase in sales prior to government changes.”
The rush to step up or on the property ladder as a result of Help to Buy has also been witnessed by mortgage lenders.
The Royal Bank of Scotland (RBS), which has a branch in High Street, reported taking 10,000 calls in the first four working days and booking 5,000 mortgage appointments within just three hours of the scheme going live.
An online estate agency service also reported a 28 per cent increase in viewings since the launch.
Richard Patterson, director of My Online Estate Agent said: “With all the hype surrounding the launch of the Help to Buy scheme, we expected to see a rise in interest levels but nothing on this scale.
“Enquiries have literally been flooding in from first time buyers and second steppers alike, all keen to arrange property viewings now that they have been able to access finance.”
With Barclays the latest bank to sign up to the scheme at the end of last week, over two-thirds of lenders in the UK mortgage market are now committed to helping those who can afford mortgage payments but are struggling to raise the deposit to get onto the ladder.
HSBC and Lloyds have all committed to offer Help to Buy mortgage products by the beginning of January 2014, both of whom have branches in Uttoxeter.
Mr Patterson added: “It is very encouraging.
“All too often past Government housing market stimulation initiatives have fallen flat on their face due to a lack of external support but this time, things might just be different and allow everyday, hardworking Britons the opportunity to own their own homes.”
As a warranty and insurance provider for new homes, the National House Building Council’s (NHBC) statistics also provide significant insight on the country’s new homes market.
Latest figures from NHBC detailing new home volumes across the UK have revealed a 19 per cent increase in the number of new homes registered in the third quarter of 2013 compared to the same period in 2012.
NHBC commercial director Richard Tamayo said: “Our latest figures show a sustained broad-based recovery in the UK new housing market from an extremely low base.
“There is little doubt that Government schemes, such as the Help to Buy initiative, have significantly contributed to the growth seen throughout the course of this year.”