Published: 15/04/2021 By ARWith the new Government scheme of Help to Buy (H2B) now in place, many people are interested in the impact of the scheme, and whether it will help the people who need the most assistance.
While you will have industry observers looking on with greater interest, it will be prospective buyers who show most interest. There are many households keen to step on the property ladder, but who are unsure about their finances.
If the H2B scheme is shown to genuinely assist people in buying property, more buyers will be active in the market. This outcome is also positive news for vendors, as it should provide them with greater confidence in connecting with likely buyers.
Do you need help to buy property?
A recent study of the Help to Buy stock which have already been sold subject to contract (SSTC) or listed as being “under offer” suggests there is movement in the market. The study looked at 25 leading cities in the UK, and it appears as though one third of the listed H2B properties have been snapped up by buyers.
The study suggests Bristol leads the way, with 60% of available properties claimed by prospective buyers. Other places that are performing well include Portsmouth, Swansea and Oxford, all of which have seen around half of the available properties taken by buyers.
There is demand for property in Leeds
Of course, at Dwell, we are most interested in what is happening in Leeds. The city is firmly in place in the top ten locations for H2B properties. 35% of all available property have been snapped up by buyers.
Leeds is performing stronger than areas such as Manchester, Liverpool and London, all of which have a demand of 29% in this market.
Marc von Grundherr spoke about the study, saying; “While the stamp duty holiday has been a great way of boosting market health during a very tough period, further fuelling demand has only helped push house prices further out of reach for many first-time buyers. This has made the aspiration of homeownership all the harder and it’s clear that many are reliant on a leg up via the Help to Buy scheme as a result, with high demand for homes that qualify in cities all over the UK.”
Marc concluded by saying; “Of course, it’s fair to say that Help to Buy in its various forms has also helped drive demand with homebuyers purchasing property that they would otherwise have been unable to afford. So perhaps instead of introducing yet another demand-based initiative to artificially inflate house prices, it’s time the Government really start looking at building more houses if they do wish to ‘help those that need it most’.”
There is no denying there is demand from property buyers in Leeds, for H2B properties; and houses in general. If you are looking to connect with buyers in the local area, we are the agents who help you achieve your goals.
We're an independent Estate & Letting Agents based in Leeds. We pride ourselves on high quality service and expert local knowledge delivered through focused, passionate, and well-trained staff. Our Team are residential property specialists with an intimate and unique in-depth understanding of our local market. Call us on 0113 246 4860.