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Property Schemes Have Helped 100,000 onto the Ladder

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Eric Pickles  UK Housing Market  Funding for Lending  Help to Buy  Housing Incentives 

Property Schemes Have Helped 100,000 onto the Ladder

By - Tuesday 04 March 2014

The number of people who are active in the property market can be an important factor for investors in the sector making a decent level of return through capital gains. And this is an element that the government has had a huge hand in over the past few years, with the schemes it has introduced to make buying a home more affordable being praised for the impact they have had.

Since 2010, the government has introduced a number of different incentives for buyers such as the stamp duty holiday, which let people buy a home without having to pay a levy based on the price paid. It also introduced the Help to Buy scheme last year, and that has allowed buyers to take their place on the ladder with just a five per cent deposit, which has opened the door for many who would previously have been unable to afford a home. It also made use of Funding for Lending to improve the amount of mortgages afforded to buyers by mortgage lenders.

And according to a new report that has been published by communities secretary Eric Pickles, these schemes have helped to bring more than 100,000 buyers onto the ladder in the last three years alone. In fact, since the year 2010 to 2011, the number of people able to buy or reserve a home has amounted to some 112,000 through governmental schemes alone. "In 2010 we inherited a broken housing market, where buyers couldn't buy, builders couldn't build, and lenders couldn't lend. We're now seeing buyers returning to the market in droves, and new homes being built across the country," Mr Pickles said. 

"Both buying and building are at their highest levels since 2007, underpinned by our action to cut the deficit and keep interest rates low. But there's still more to do, and improving the housing market will remain a vital part of our long term economic plan," he added. The number of new properties now coming to market has been one of the biggest plus points for this government, with a 23 per cent rise in housing starts in the last year having driven house building to its fastest post-recession levels.

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