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Help-To-Buy Heralded As UK Property Market Saviour

Help-To-Buy Heralded As UK Property Market Saviour

RICS Claim Help-To-Buy Is Reason
For UK Property Market Recovery

The Royal Institute of Chartered Surveyors (RICS) have stated that the Government’s Help-To-Buy scheme and other financial initiatives have seen the UK property market turn the corner after the post recession slump.

In its monthly report RICS said property prices are up for a fourth consecutive month as the largest number of property buyers in 4 years return to the market.

The RICS report particularly picked out the West Midlands and the North East, as two areas which had suffered more than most in the UK property market crash, but these areas experienced the biggest increase in property buyer activity during July.

The widespread pick-up in the UK property market has seen residential property prices rise at their fastest rate since the peak of the property market in November 2006.

There is a growing chorus that the Government’s Help-To-Buy scheme, which was introduced in April to provide equity loans for first time buyers of up to 20% towards the cost of a new build property worth up to £600,000 (GBP) is creating a new property bubble.

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Help To Buy Scheme Could Cause New Property Bubble

Help To Buy Scheme Could Cause New Property Bubble

Critics Warn Help To Buy Scheme Will Cause New Property Bubble

The Chancellor of the Exchequer has launched the second phase of the ‘Help to Buy’ scheme and laid out the terms of a programme that will underwrite UK residential property purchases up to the value of £600,000 (GBP) following a meeting with mortgage lenders and house-builders.

A number of groups, however, have warned that, if this scheme is allowed to drive up house prices in the UK, it will cause another property ‘bubble’ and encourage people to take on huge mortgages.

George Osborne is hopeful that the terms of the scheme will prevent another property bubble, as there are now strict income checks and other lending criteria imposed by mortgage lenders and the loan scheme will not be allowed to be used by purchasers to acquire second homes.

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