Help to Buy: First time buyers overpaying an average of 10%

Thinking of using the Help to Buy scheme? Be sure to weigh up the pros and cons – and check you’re not overpaying – before taking the plunge.

First-time buyers could be paying a premium of up to 22% if they use the government’s Help to Buy scheme to purchase a home, a study has found.

It showed that the average person taking their first step on the property ladder using the Help to Buy equity loan initiative paid £303,450 for their home – 10.3% more than those who bought without using the scheme.

The premium paid by first-time buyers using Help to Buy was more than double this level in Yorkshire and the West Midlands at more than 20%, according to Reallymoving.

Its chief executive, Rob Houghton said many first-time buyers find it difficult to raise a deposit and, as a consequence, are turning to Help to Buy – a scheme which operates only under the new-build sector where homes can command higher prices.

He adds that this is in addition to a premium applied for buying under Help to Buy.

“In many cases, first-time buyers simply don’t have the deposit required to explore other options, such as buying a second-hand home, which may offer considerably better value,” he said.

Source: Zoopla Property News

 

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

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denecoblog

I am a Property/Energy Consultant TA DenEco Consultancy - www.deneco.co.uk: A friendly, energetic and adaptable individual with keen interest and aptitude for learning and motivating others, with great academic skills and work experience in both Life science and Environmental Management, seeking an opportunity to use his proven flair for teamwork and creativity in Property Purchase, Energy Efficiency, Environmental management for sustainable development and growth in any related sector or industry. I help individuals, businesses, SMEs and corporate clients save or make money in regards to Property investment, energy efficiency, environmental management solutions. The foundation of my experience is environmental protection. I have a passion for helping people, businesses and corporate organization achieve their dream through Property Investment and become more efficient and effective in their energy, and environmental management. I get satisfaction from knowing that the work am doing is helping make/save money and the environment.  Contact us @ www.deneco.co.uk Outside of work you can find me spending time with family, studying and researching for new opportunities and continuous development. Specialties: Property Investment, EPC provider, Energy Efficiency, Environmental  management.

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