The government’s flag ship help to buy scheme for new homes has reported to be a critical factor under pinning the market according to property experts.
Record number of sales in the third quarter of 2015 with 2,252 sales mostly coming from first time buyers using the scheme, and once again raised the concern of fuelling the property market and rising property prices.
First time buyers and homeowners wishing to move up the ladder are given the opportunity of an interest free loan to top up their deposits, financed by the taxpayer, subject to affordability and number of others conditions to tick all the boxes, that unfortunately not all are able to meet.
Since the help to buy scheme was launched in early 2013 more than 62,000 properties have been purchased worth over a reported £13 billion with the help of the scheme and tax payer funded loans of around £2.5 billion. First time buyers are reported to make up 4 in 5 sales mostly with lower priced properties.
Fear is also growing as buy to let investors hurry to purchase property to avoid George Osbourne 3% increase in stamp duty for second home owners, along with new landlord taxes that could see a sharp rise in the cost of private rental and decline in future long term private rental property as many landlords are threading to sell up.
Most Expensive Road to Buy a House
Victoria Road in Kensington, London is reported to be the most expensive street in England and Wales, with the average property costing over 8 million.
Close to Kensington Palace and the Albert Hall the average property in Victoria Road costs £8,006,000 according to research from leading high street bank.
Kensington and Chelsea offers a glamorous lifestyle attracting many overseas buyers, and is home to twelve of the twenty most expensive streets.