We use cookies to give you the best browsing experience and to help us understand how you use our site. Cookies are small snippets of data stored on your computer and some have already been set. By continuing to use our website you are accepting our use of cookies. To find out more, read about cookies.

Latest News From My Home Move - the UK's leading conveyancer

Back to all news articles

Doug Crawford, CEO of My Home Move, comments on DCLG’s Help to Buy Equity Loan Scheme data for Q3 2015

“The jury is still out on whether the Help to Buy Equity Loan scheme is helping as many first-time buyers as it could. Our data reveals that nearly half (47%) of buyers using the scheme rely on a gift for some or all of the deposit.* Clearly, a significant chunk of those using the scheme still require extra help from the bank of mum and dad, even though the scheme means they need a smaller deposit than normal. This means there is a big question mark over what first time buyers could do without Government support.  It also means that many who are unable to rely on cash gifts from family and friends are cut off from their dream of home ownership even with schemes like this in place.

“The scheme’s limitations are also reflected in the average cost of a house purchased through it. According to the DCLG, the cost of a house typically purchased with an Equity Loan stands at £217,999, 8 times the average salary**, raising questions over whether such homes really count as affordable.

“Policymakers’ intentions with regard to the Equity Loan scheme are clearly noble, and it has certainly helped many people to get a foot on the ladder who could have otherwise struggled. However, the fact that so many remain reliant on gifted deposits illuminate its shortcomings. As prices continue to rise, the government must do more to support popular homeownership.

In this section

    Keep up-to-date with My Home Move.

    We would like to keep in touch with all our introducers via our quarterly e-newsletter, which features details about My Home Move events, activities, competitions and relevant property industry information. You can opt out of receiving e-newsletters at any time by clicking on the 'unsubscribe' link at the bottom of the e-newsletter you are sent and we will never give your data to any third parties. In subscribing to the newsletter, you agree to being contacted in this way. We look forward to keeping in touch.