There has been much talk about the government’s NewBuy scheme, designed to boost the property market across England. Tailored to give help to those looking to get on the first rung of the property ladder, it promises to launch 100,000 buyers onto the market.The scheme is simple in its composition, requiring a 5% deposit to be placed by the first time buyer to buy a new-build home. The other 95% will come from a variety of sources including the house builder responsible for the development, 3.5%, and the taxpayer, 5.5%.
Many first time buyers have claimed this will mean they can now buy and there has been widespread support from developers and UK estate agents. Three major lenders, Barclays, Nationwide Building Society and Natwest have also joined the scheme.There are some detractors though and in some quarters, it has been labelled as nothing more than a gimmick. Labour ministers have also been quick to highlight that only three lenders are supporting the scheme, although Halifax and Santander will join in coming months and the scheme has been backed by the Council for Mortgage Lenders.
If successful, local estate agents should see high levels of sales as the property market is boosted by this rush. Vendors of existing properties, outside of the scheme, should see more buyers pushed their way too. That will certainly be the hope of the government, whilst maintaining a policy of new house construction is the primary aim.
Working with the best estate agents to capture this new market could be extremely lucrative in a market flooded by the new scheme, meaning this could be the perfect time for you to sell.
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