Help to Buy is working!

The Government has released figures that state over 100,000 properties have now been agreed to be purchased under the current scheme designed to help the property market back on its feet. I personally am very grateful for their help as all that have been involved in the property market over the past 7 years know it has been a tough time. I know the buyers in the South West where wages can be lower and prices higher are now able to buy, who previously had no hope what so ever are even more grateful, so we should all congratulate the Government on an excellent piece of work. There is no doubt that the scheme is just a short term fix and the longer term repair to the UK property market must come in the form of building more homes. I can only assume that if the politicians have understood  that requirement and will be working towards that as the long term goal. It's a pretty basic supply and demand equation, if there are more buyers than houses then the prices will be driven up and the shorter the supply the higher the prices will go. If the Government really want to control the market to maintain it at a sustainable level them more homes are going to be needed over the next few years at a faster rate than we have ever seen before. Stamp Duty used to be an irritation to buyers but at its current rates it is now a serious consideration for buyers and certainly does prevent some buyers from buying the property they could otherwise have afforded. If the Government are serious about helping the market then they should also lift price of exempt from stamp duty to 200K. Again here in the South West where our prices tend to be driven up by second home owners it would be a relief to local buyers who struggle to buy based on lower South West wages.

Congratulations to our Looe Office who raised over £240 on Sunday by organising a walk to Looe Island in aid of the Pituitary Foundation. About 25 past and present customers supported the Looe team and whilst the tide didn't go out quite as far as it should have due to low pressure there was a valiant effort all round.

 

Francis Marshall FNAEA
Managing Director
Bradleys Group