Suffolk has most Help to Buy eligible homes, data reveals
- Credit: PA
Suffolk has the largest available stock of Help to Buy eligible homes in the country, new data has revealed.
According to research by MoveStreets, which describes itself as being like Tinder for property, 3.6% of all the homes on the market are eligible for the Help to Buy scheme.
Other areas of the East appear relatively high in the list, while parts of the North have far fewer homes eligible for the scheme. In the City of London there are no homes at all eligible for the scheme.
The analysis looks at properties that are eligible for the Help to Buy Equity Loan scheme. Under the government scheme first-time buyers can be can borrow 20% of the value of an eligible new-build home, interest-free for the first five years.
In the East of England, homes priced at less that £407,400 can be bought under the scheme.
Max Turner, who leads the new homes team at Savills Suffolk, said: "We have seen consistent demand for Help to Buy properties ever since the scheme was first launched.
"Even this year when regional price caps were introduced and the scheme was limited to first time buyers, that level of activity has shown no signs of slowing.
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"I think the reason for that is twofold. Firstly, the lifestyle factors that have driven the housing market since the outbreak of the pandemic have encouraged a lot more people to consider Suffolk as a place to set up home. Secondly, relative to other areas of the UK, you also get good value for money."
Mr Turner said Suffolk's price cap also meant buyers had good range of choice under the scheme.
He added: “With Help to Buy due to end in April 2023 it will be interesting to see how buyers respond.
"Our researchers are expecting a spike in sales in 2022 as a combination of pent-up demand from the last 18 months and the last full year of the scheme provides incentive to purchase.
"The figures show there is a clear demand for affordable homes within the county."