Despite recent criticism, new Help to Buy scheme ‘captures the imagination’ of public with nearly three-quarters (72%) of all prospective buyers aware of the scheme
New research of more than 9,000 potential buyers from Rightmove reveals that nearly threequarters (72%) of those who expect to buy in the next 12 months have heard of the new Help to Buy scheme. Of these, 62% say that they understand the details of the scheme and whether it can help them buy.
Furthermore, the healthy appetite for the scheme among home-movers is confirmed by data which shows that there were more than 330,000 visits to Rightmove’s own Help to Buy section in May alone – nearly three times more than the monthly record for the corresponding section for NewBuy.
Miles Shipside, Rightmove director and housing market analyst comments:
“The housing market has had to withstand some heavy blows which have cut off credit to the mass market. However, after several years on the ropes potential buyers seem keen to get moving again and have had their interest awakened by the smelling salts of Help to Buy. What our research shows is that regardless of recent politicking, Help to Buy has certainly struck a chord with the very people it’s designed to assist.”
Rightmove research conducted shortly after the launch of NewBuy in March 2012, revealed that just 39% of potential buyers were aware of the scheme. However, it is not simply on awareness that Help to Buy outscores the schemes that have gone before it. When asked if they understood the scheme and whether it could help them purchase a property, a quarter (26%) said ‘definitely’ and a further 36% said ‘I think so’.
By comparison, when asked the same question about NewBuy at a similar stage, only 14% said ‘definitely’ and 25% said ‘I think so’. Just a third (33%) said that they did not understand the Help to Buy scheme, underlining the need for on-going promotion and information.
For free independent mortgage advice for first time buyers contact Integrity IFA now or visit our website to use our free mortgage source and calculator.
Integrity IFA for free first time buyer mortgage advice in Edinburgh and the Lothian’s.