Help-to-Buy new homes help first-time buyers get on the ladder
The Whathouse? New Homes Index has tracked Help-to-Buy average new-build prices across Britain during July, its findings reveal that prices are comfortably below the regional price cap limits in all regions.
A sign that concerns over the new help-to-buy scheme, which came into effect 1 April 2021, and potential lack of affordability are not playing out. This provides reassurance to first-time buyers now able to benefit from the scheme, with many having made the most of lockdown to save the 5% deposit required to get on to the property ladder.
Average Help to Buy New Build Price- July 2021
| Region | Price Cap | Average Help to Buy New Build Price |
| East Midlands | £261,900 | £224,166 |
| East of England | £407,400 | £324,681 |
| London | £600,000 | £448,279 |
| North East of England | £186,100 | £161,239 |
| North West of England | £224,400 | £196,883 |
| South East of England | £437,600 | £317,907 |
| South West of England | £349,000 | £250,054 |
| West Midlands | £255,600 | £226,406 |
| Yorkshire & The Humber | £228,100 | £181,920 |
Daniel Hill, Managing Director, WhatHouse?, comments:
“Many would-be first-time buyers have had time to knuckle down with saving for a house deposit. The help-to-buy scheme’s requirement of 5% deposit seems to be making all the difference, and we’re seeing high-volumes of first-time buyer searches as home ownership becomes attainable.”
Stewart Baseley, Executive Chairman, House Builders Federation, said:
“Even with a lower proportion of homes being purchased with Help to Buy, builders in all price brackets are reporting very high levels of interest from consumers, demonstrating confidence in the product and the industry with consumers increasingly recognising the benefits of new homes over older properties.”
Kindly shared by WhatHouse?
Main article photo courtesy of Pixabay
