Searches for Help to Buy scheme up 1532% since lockdown
The younger generation in London has spent a majority of time in lockdown stuck in a rental property at close quarters with flatmates, or back at home with their parents.
Other renters with young children, gearing up to buy their first family home when the coronavirus pandemic hit in March, have spent the last three months in a property they have outgrown.
The long months of restrictions have provided plenty of motivation for those with a deposit to rush to get on the property ladder.
And in growing numbers, they are turning to the Government’s Help to Buy scheme to set them on the first rung.
The number of online searches made by mortgage brokers on behalf of homebuyers in London has risen by 948 per cent since the start of the lockdown.
The number of searches for mortgages using Help to Buy, however, has shot up 1,532 per cent over the same period, according to the mortgage search engine Twenty7Tec used by brokers.
“Help to Buy has been a significant part of the mortgage market over the recent past. We expect this to continue,” adds Graham Sellar, head of mortgages for major lender, Santander.