Government Help
The UK’s Help to Buy hotspots revealed
Where are borrowers taking advantage of Government schemes to boost their buying power?
Central Bedfordshire is the top area in the UK to purchase a property through Help to Buy schemes, according to research from TotallyMoney.
The price comparison site said that the the Eastern district has a high level of equity loans, as well as 245 properties successfully bought using a Help to Buy ISA.
In second place was the Lancashire market town Chorley, with a low average property cost (£182,818) making entering the property ladder through Help to Buy schemes more achievable. The district also boasts the lowest average minimum deposit from the top five districts (£9,141) and relatively high number of equity loans given out by the government, making property ownership more achievable for residents.
In third place was Cheshire West and Cheshire, which scored particularly highly in terms of the number of Help to Buy ISA property completions, where it came out top in the whole of the UK, with 495 residents purchasing homes utilising this scheme.
Top city locations
Of the UK’s cities, Wakefield was the number one Help to Buy hotspot, beating larger cities such as Hull and Salford into second and third position.
Located in a prime spot between Leeds and York, Wakefield has one of the highest levels of Help to Buy ISA property completions, helping 610 residents purchase new homes between December 2015 and March 2017.
Joe Gardiner, head of brand and communications at TotallyMoney, said: “Today, entering the property ladder is increasingly being seen as a pipedream for many young people. But with the introduction of government Help to Buy schemes, this dream can become a realistic option.
“For those thinking of utilising these schemes, knowing where in the UK is the most Help to Buy friendly, and whether your local area is one of these hotspots, is of particular importance to allow buyers to make a responsible financial decision. ”
Through the government’s Help to Buy scheme, buyers can receive an equity loan of up to 20% (or 40% in London boroughs) of the house’s total value, making it possible to purchase a home with just a 5% deposit.
