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News - 10 June 2013

Help to buy off to a great start.

The Home Builders Federation (HBF) said that the government's flagship Help to Buy housing scheme has got off to a 'flying start' with 4,000 people that have reserved a new home in the two months since the scheme launched.

Separately, the Halifax said that UK house prices are now rising at their fastest rate since September 2010, in the three months to May they were 2.6% higher than in the same period a year ago.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The first part of the Help to Buy scheme began in April, and it allows buyers to put down a deposit of just 5%, and take out an equity loan from the government for up to 20% of the property's value. The second part of the Help to Buy Scheme, when the government will guarantee mortgages, does not start until January next year.”

The HBF said interest in Help to Buy had been "huge", with over 500 a week taking advantage of the scheme. Stewart Baseley, the executive chairman of the HBF said:
"Four thousand reservations in just two months show both the consumer demand for the scheme, and developers' commitment to it."

But Help to Buy has been heavily criticised by many leading economists, for helping to inflate house prices.

The governor of the Bank of England, Sir Mervyn King, said the scheme should not be extended.

If you need any help and advice on the implications of Tax Relief or general Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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