According to the Government, its Open Market HomeBuy Scheme aimed at helping key workers on to the property ladder, has had a slow uptake of applicants. It was hoped that around 20,000 workers would be helped by this scheme, however figures suggest that only 100 workers had benefited from the scheme.
However, figures from the Department for Communities and Local Government indicate that 6,400 key workers have qualified for the scheme with 700 home purchases to be completed in the coming months.
Our View
Given that this is over 10% of qualifying workers actually in the process of completing their purchases in the coming months, we see the scheme as a success. Remember, only 10% of people actually move house or re-mortgage each year anyway.