The latest figures that have been released from the Government show that only 462 people have completed a Homebuy mortgage since its launch in October 2006. The Scheme was aimed at helping key workers and first-time buyers onto the property market. However it has fallen short of its target.
The scheme was launched by The Department for Communities and Local Government and the original members were Advantage, Nationwide and Yorkshire Building Society, and Halifax joined them in March this year. A spokesperson for The Department for Communities and Local Government commented that more than half of the 462 completions came in March so things are improving.
Our view
There are is a real lack of people being aware of the scheme, and when they do find out about it, they are interested. However, too complicated and this puts people off. In addition, the slow uptake could be down to the traditional housing market dip over the last fews months, by Government design, we hasten to add.