ESTATE agents in Burton have welcomed the Prime Minister’s plans to bring forward the Help to Buy scheme, with many saying they had already seen a boost in business because of the initiative.
David Cameron announced over the weekend that mortgage applications under the scheme would be accepted from this month, rather than from January as initially planned.
He said the scheme, which allows people to get on the property ladder with a deposit of just five per cent, would allow more people to own their own home, and inject life into a housing market still recovering from the recession.
Keith Crew, partner at Crew Partnership in Burton, had nothing but positive things to say about the announcement when he spoke to the Mail.
He said: “We are already seeing a boost because of the prospect of the scheme happening. We have seen a boost in confidence anyway, but this is going to take it to the next level.
“It’s the news we’ve been waiting for, for the last five years.”
Under the scheme, first-time buyers and those looking to move up the property ladder, will be able to get a 95 per cent mortgage from certain lenders, as the Government will guarantee 20 per cent of it. The money can be paid back over time and the deal is available on homes with a value of up to £600,000.
Lizzie Hales, senior sales negotiator at John German, said she thought it was ‘very positive’, adding: “It’s going to help buyers and it’s going to help the market.
“Things have definitely picked up and I think this is going to help people move more and help the market as a whole.
“Bringing it forward, rather than leaving it until after Christmas, has got to help things further.”
Simon Smith, director at Nicholas Humphreys, agreed it would have ‘a huge impact’.
“We have started to see the market moving quite nicely. It’s definitely picked up over the last quarter, and last month was probably our best sales month ever.
“Things are picking up and Help to Buy has a part to play in that. It’s very positive and we are really excited about the future going forward,” Mr Smith told the Mail.