House prices for ‘first time buyer homes’ saw large increases as the end of year deadline for the Government’s current Help to Buy scheme approached. For example, in September 2016 average valuations increased by 18.7% compared to the previous year. However, other Help to Buy schemes will continue until 2020. The pattern for first time buyers is in contrast to that seen for more established home owners, which have seen slower growth.
Key Takeaways:
- First time buyers in the UK are racing to beat the end of year deadline for the Government’s Help to Buy mortgage guarantee scheme
- First time buyer activity unlikely to suddenly drop after scheme ends
- Overall the valuation market is in good shape, with September seeing valuations increase 3.6% compared to the same month last year
“First time buyers in the UK are racing to beat the end of year deadline for the Government’s Help to Buy mortgage guarantee scheme.”