Entering the property market has become an increasingly daunting task for many young people in today’s economic climate. As a result, many have looked to government-backed help in the form of help-to-buy schemes and ISAs to turn the dream of joining the property ladder into a reality. Through the government’s Help-to-Buy scheme, buyers can receive an equity loan of up to 20% (or 40% in London boroughs) of the house’s total value, making it possible to purchase a home with just a 5% deposit. The required deposit can then be saved with the help of high interest ISAs.
Though purchasing through help-to-buy has become an increasingly feasible option, not all areas of the UK have equal opportunity. Credit experts TotallyMoney have investigated Britain’s best and worst districts, cities and regions to lay down roots utilising help-to-buy schemes.
We researched a number of factors in each district across the UK to determine a ranking, including the number of equity loans utilised in each region (per capita), the number of help-to-buy ISA property completions and the average amount left to pay after government help (based on average property prices). The research uses government data to compare every district of the UK, including Scotland, Wales and Northern Ireland, to generate the complete ordered list of help-to-buy hotspots.
Considering the ranking factors mentioned above, of the 388 government-defined regions in the UK, the top help-to buy hotspots were revealed to be:
The research also accounts for the most populated UK cities and which of those offer the best options for buyers looking to utilise help-to-buy options. Of these, the most buyer-friendly cities were revealed to be:
Joe Gardiner, Head of Brand and Communications at TotallyMoney, said, “Today, entering the property ladder is increasingly being seen as a pipedream for many young people. But with the introduction of government help-to-buy schemes, this dream can become a realistic option. For those thinking of utilising these schemes, knowing where in the UK is the most help-to-buy friendly, and whether your local area is one of these hotspots, is of particular importance to allow buyers to make a responsible financial decision. ”
NOTES FOR EDITORS: ABOUT TOTALLYMONEY
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