McAndrew Martin builds for growth
Newly released figures show that the Government’s Help to Buy initiative has helped more than one million people since its launch in 2012, writes our Director and Head of General Practice Ian Lee BSc FRICS.
Some 285,000 homeowners – the majority as first time buyers – have used one or more of the Help to Buy schemes, while 960,000 people have opened a Help to Buy ISA.
There are various elements to Help to Buy. They include the Help to Buy Equity Loan scheme, which offers buyers up to 20% of a newly-built home’s costs so they only need to provide a 5% deposit.
Help to Buy ISAs are available until November 2019 when they will be replaced by Lifetime ISAs, which will be aimed at people saving a deposit for their first home as well as others putting money aside for retirement.
The popularity of Help to Buy has contributed to a substantial uplift in survey work in our General Practice department with more first time buyers aiming to step on to the property ladder and a significant number of existing Help to Buy homeowners seeking to re-mortgage.
Our excellent reputation for efficient service with a quick turnaround for clients has also fuelled the growth in demand for Help to Buy surveys.
Nationally, according to the Government figures released this month, the average house price across the Help to Buy schemes is £193,826 while the average UK house price is £220,000.
We’ve found that the majority of Help to Buy surveys for our clients have been for relatively new and modern properties in the £200,000 to £250,000 price bracket.
Help to Buy has its critics in some quarters, yet it has helped more first time buyers into homeownership and injected some movement into the market.
We expect demand to continue across the board for all of our land and property valuation services, including for Help to Buy.
Experienced professionals in our General Practice division also offer expert services including development appraisals, land valuations, work under the Party Wall Etc Act 1996, expert witness reports and leasehold enfranchisement.
General Practice is one of our six core divisions, complementing our other directorates: Architecture, Building Surveying, Project Management and Contract Administration, Mechanical and Electrical Engineering and Structural Engineering.
With a nationwide reach, we have seen rising demand for all divisions in the first half of this year.
Contact Ian to find out more about our wide range of land and property surveys and valuations as well as our other expert professional services in our General Practice department.
Email Ian at [email protected] and call him on 02392 697193.
MCANDREW MARTIN – PROFESSIONAL SOLUTIONS BY DESIGN
Newly released figures show that the Government’s Help to Buy initiative has helped more than one million people since its…