Property news roundup: Latest Help to Buy figures

Plus listings slowdown and scarcity of gardens for families in London

Over 1,000 homebuyers have now bought their new homes with Halifax Help to Buy mortgages. Looking at the numbers, the average property value was £157,660, with the highest average price unsurprisingly in Greater London (£279,735) and the lowest in Northern Ireland (£91,497).

Eight out of 10 applications have been from borrowers outside London and the South East. More than 80 per cent are from first time buyers.

"The scheme is making the property ladder more accessible to aspiring homeowners and homemovers," said Craig McKinlay, Mortgages Director, Halifax. The fact that Help to Buy is benefiting buyers in every region in the UK is testament to how it is helping those that can afford the monthly payments, but had not previously been able to get the necessary deposit."

What are young people sacrificing to get onto the property ladder?  

Listings slowdown

New listings for homes in Britain fell 7.5 per cent  in December 2013 compared to December 2012, according to Move with Us, the residential property group.

"Although 2013 ended with a decline in the number of new listings due to the seasonal Christmas slowdown, the market has quickly picked up momentum and we are already seeing larger numbers of property transactions since the start of 2014," said Robin King, Director, Move with Us.

"The problem right now is the shortage in the supply of new properties coming on to the market. While the government has incentivised building projects by providing a £1bn fund to unlock housing developments, these are predominantly located in the North of the country in places such as Manchester and Leeds. Supply also needs to be stimulated in regions such as East Anglia and the South West and in places where there’s considerably higher demand for housing such as the South East, one of the most popular commuter routes into the capital."

Families forced out of London

There are virtually no houses for sale in Central London with a garden costing under £500,000, now the average value of a London home,  according to Zoopla. Across the whole of London, there are fewer than 900 homes with a garden under £250,000.

 

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