Andy Sommerville, Director at Search Acumen, comments on the latest Help-to-Buy Equity Loan Scheme Statistics:
“The Help-to-Buy has tapered somewhat from the highs we witnessed in the middle of 2017, but underlying figures paint a more worrying picture.
“The average purchase price for a first-time buyer property is up to record levels – up 12% annually, and more than 50% more since Q3 2013. In that same period, the average household wage of a first-time buyer taking part in the government scheme has only increased by 7% annually, and a third since Q3 2013.
“If the rate of house price growth is double the rate at which first-time buyer wages are increasing within the scheme, we have created and are sustaining a broken system. We hope the incoming housing minister and the newly augmented Ministry of Housing, Communities and Local Government can find new and innovative ways to support first-time buyers more sustainably than we are today.”
This article was submitted to be published by Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
