National brokerage Just Mortgages has called for continued support of shared ownership and other low deposit schemes to help first-time buyers begin their homeownership journeys, as the Government’s Help to Buy scheme came to an end in March.
Since its 2013 launch, Help to Buy has assisted more than 350,000 people in purchasing their own homes, with the majority being first-time buyers. The end of the scheme leaves a noticeable gap for those seeking low deposit solutions.
John Doughty (pictured), financial services director at Just Mortgages New Build Division, believes that shared ownership, Deposit Unlock, and the First Homes scheme can fill the void left by Help to Buy.
He noted that many of these schemes have already been doing so, particularly following the changes made to Help to Buy in its final version.
Doughty said: “With more than 350,000 buyers now on the housing ladder – the majority of those being first-time buyers, and almost £2bn in profit generated for the Treasury, there’s no question Help to Buy has been a success on all fronts… all sectors must join together to help elevate the profile of the fantastic schemes still available for first-time buyers, those with smaller deposits or individuals returning to the market after a separation or divorce.”
Government figures reveal that in 2021-22, 19,386 new shared ownership properties were delivered, a 14% increase from the previous year and the highest number since records started in 2014-15. Among these homes, 18,751 were new builds.
Just Mortgages will host the New Build and Affordable Housing event on April 19th, 2023, at St. Mary’s Church in Marylebone, London.
The event will gather mainstream and specialist lenders, housing associations, and trade bodies to discuss the latest developments and future prospects of new-build and affordable housing.
The conference will feature speakers, panel discussions, and networking opportunities for attendees.
