How helpful is the Help to Buy scheme?
Scrapped or capped? – What does the scheme offer to the current state of the UK property market?
CEO of prop tech platform, When You Move comments
The scheme, which saw billions of pounds of government investment handed out to first time buyers, enabling them to purchase a property with just a 5% deposit, may have run its course. When You Move discusses how the scheme can be improved.
Simon Bath, CEO of When You Move on how proptechs can help improve the scheme:
“The scheme has been great for getting thousands of people on the property ladder, successfully brought confidence back into the property market. For some of Britain’s biggest housebuilders, the scheme has supported between 40 to 50% of sales each year”.
“However, the house buying process can be daunting and inaccessible for many young people wishing to purchase a property, even with the help-to-buy scheme. The red tape and adherence to outdated bureaucratic practices have caused delays in the competition of property transactions. The process needs to be simplified and streamlined to make the home buying process more attractive to the younger generation”.
“Digitalisation is the only way to achieve this. Research has shown that the conveyancing process of buying and selling a home is the most dissatisfying part of the transaction. By creating a central hub for communication for real-time updates between all parties involved will provide transparency as well as eliminating the need for manual chase-ups which add a level of stress to the time-sensitive process. The help-to-buy scheme works to make a home financially attainable, proptechs work to ensure the process of doing so is accessible. Proptechs and the help-to-buy scheme can work together to deliver a consumer-focused approach to buying your first home”.
Kindly shared by When You Move