Newspaper article The Evening Standard (London, England)

First Exclusive Help to Buy Scheme Is Launched; the Government's Low-Deposit Initiative Is Being Used by Four in 10 Londoners Who Are Buying a New Home, Finds David Spittles

Newspaper article The Evening Standard (London, England)

First Exclusive Help to Buy Scheme Is Launched; the Government's Low-Deposit Initiative Is Being Used by Four in 10 Londoners Who Are Buying a New Home, Finds David Spittles

Article excerpt

Byline: David Spittles

HELP TO BUY is proving to be a fairy godmother for many Londoners. New figures show four in every 10 people purchasing a new home in the capital are taking advantage of the low-deposit scheme, which is so popular that developers are rushing to launch blocks of apartments reserved exclusively for Help to Buy home hunters.

The first of these projects will be unveiled in south London next week. Deptford Foundry, a former ironworks, is being transformed into a new quarter with 316 homes priced from PS345,000.

The Government-backed Help to Buy initiative, covering homes valued at up to PS600,000, has been gathering momentum since last November when it was announced that the upper limit of the interest-free equity loan on offer in London would double, to 40 per cent of a home's value, from February this year. At a stroke this slashed the salary needed to afford a mortgage. Without Help to Buy, a first-time buyer in London would need a deposit of about PS90,000. …

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