London Help to Buy scheme
By Bea Patel on 11 Feb 2016 in Buying
On 1 February 2016, we saw the launch of the London Help to Buy scheme, an extension of the Help to Buy scheme that has helped 130,000 people across the county. But the scheme hasn’t come without some opposition, with some experts concerned it will distort the housing market and push house prices in London even higher.
The announcement came in Chancellor George Osborne’s Autumn Statement in 2015. Home movers and first time buyers now have the opportunity to buy a home in the Capital with a 5 per cent deposit, backed by a 40 per cent equity loan from the government.
Although the London Help to Buy scheme seems attractive to the ever growing number of people looking to get onto the property ladder or move to bigger homes, it’s still not for everyone. With souring house prices in the capital, many are still ‘priced out’ of the market. Some people will still not meet the minimum salary requirement, preventing them from applying for the scheme.
We’ve created a useful infographic explaining how the London Help to Buy scheme works and its pros and cons.