Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Government's Help to Buy scheme approaches £1 billion

Government's Help to Buy scheme approaches £1 billion

The government’s Help to Buy scheme has resulted in almost £1 billion of new lending after the number of people applying for assisted mortgages more than trebled in the last two months.

Over 6,000 people have now applied for a Help to Buy mortgage, up from 2,000 in November and almost 750 homeowners have now completed their purchases.

The Help to Buy scheme, launched in October, allows people to apply for government-backed mortgages with as little as 5% deposit.

Prime minister David Cameron branded the scheme a success and said he hopes to see ‘thousands more realise their dream of home ownership’.

However, Labour have criticised the government, warning that the scheme risks creating a housing bubble with shadow housing minister Emma Reynolds calling for more affordable housing to build, pointing out that ‘under this government house-building is at its lowest level since the 1920s.’

House prices across England and Wales rose by 3.2% in the year to the end of November, according to the Land Registry, with London properties surging by 10.6%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: John Brett's big plans for Anderson Strathern

Profile: John Brett's big plans for Anderson Strathern

After a high flying role at Aberdeen, Anderson Strathern's new boss explains why he switched product distribution for private clients

Wealth Manager on Twitter