The Help to Buy scheme has been a popular choice for first-time buyers in the UK since its launch in 2013. The scheme was designed to help people who are struggling to save for a deposit on their first home. However, recent figures have revealed that the number of completions through the Help to Buy scheme has decreased in 2019.
According to the latest figures from the Department for Communities and Local Government, the number of completions through the Help to Buy scheme decreased by 8% in 2019 compared to 2018. This is the first time that the number of completions has decreased since the scheme was launched.
The decrease in completions can be attributed to a number of factors. Firstly, the UK housing market has been slowing down in recent years due to economic uncertainty and rising house prices. This has made it more difficult for first-time buyers to save for a deposit and access the Help to Buy scheme.
Secondly, the Help to Buy scheme has become less attractive in recent years due to changes in government policy. In 2017, the government introduced a cap on the amount of money that could be borrowed through the scheme. This has made it more difficult for first-time buyers to access the scheme.
Finally, the Help to Buy scheme has been criticised for driving up house prices and creating an unsustainable housing market. This has led some people to be wary of using the scheme and has contributed to the decrease in completions.
The decrease in completions through the Help to Buy scheme is concerning for first-time buyers who are struggling to save for a deposit. However, there are still a number of other options available for those looking to get on the property ladder. These include shared ownership schemes, government-backed mortgages, and other government initiatives such as Starter Homes.
It is important that first-time buyers are aware of all of their options when it comes to buying their first home. It is also important that the government continues to review and improve the Help to Buy scheme so that it remains an attractive option for those looking to get on the property ladder.