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Housing Market Resurgence

Housing Market Resurgence

The housing market has "turned a corner", partly because of the Help to Buy scheme, the government has claimed.

Figures show that the housing stimulus programme in England has attracted 10,000 successful applications since it was launched in April. The Equity Loan Scheme effectively underwrites 95% mortgages and allows people buying newly built homes to proceed with a deposit of just 5%.

The government has set aside money to fund 73,000 applications to the Equity Loan Scheme which is a five-year interest-free loan from the government which provides another 20% of the purchase price and a mortgage covers the rest.

It will be extended to all homes in the UK costing less than £600,000 from next year. The Home Builders Federation said the scheme had been an "unqualified success" and its extension next year to homes that were not new builds would have a "potentially bigger influence" on the market.

Meanwhile, Royal Institution of Charted Surveyors (RICS) research has suggested that home buyer activity is increasing fastest in parts of the UK where prices have been most depressed with buyers now returning to the market in their biggest numbers for four years, with the largest rise in activity in the  Midlands and north-east.