Help to Buy? A frenzy of activity.

Loughton_Monkey

Apparently estate agents Haart, said the firm had had the busiest start to October for nine years.

Paul Smith, of the estate agents Haart, said the firm had had the busiest start to October for nine years, with 7,281 buyers registering in the first week – a 92% increase on 2012. Smith said there had been "a frenzy of activity" in recent days, with "branches being overwhelmed with buyer inquiries."
He added: "The interest is so great we predict lenders will need to put a cap on the amount they lend under the scheme."

http://www.theguardian.com/money/2013/oct/09/help-to-buy-scheme-to-benefit-bankers

Isn't this wonderful news? Full marks to our government in coming up with HTB in order to re-vitalise our fragile housing industry.

Full article above (but please ignore spurious rambling about 'speculation' as it doesn't make any sense)

thescouselander

We're just about to complete on our move and were talking to our sellers estate agent just yesterday. He said the same thing - loads and loads of buyer enquiries and prices heading upwards!

Unfortunately for him he also said there were !!!!!! all houses coming to market so business wasn't good.

[Deleted User]

it will all end in tears and probably higher base rates,i mean help to buy a 600k house??
it reminds me of mortgage indemnity insurance most of us had to take out and pay for years ago

Loughton_Monkey

woodbine wrote: »

it will all end in tears and probably higher base rates,i mean help to buy a 600k house??
it reminds me of mortgage indemnity insurance most of us had to take out and pay for years ago

What goes around comes around.

socrates

Its one thing to buy and another to pay it off - its all going to end in tears - not that its like boom or bust or anything

floridaman

All the EA near me are packed full of young FTB all bright eyed about owning there first home. It's such a nice sight to see. Well down to gov on helping out the FTB.

purch

floridaman wrote: »

All the EA near me

They are called Real Estate Brokers in Florida mate

Loughton_Monkey

socrates wrote: »

Its one thing to buy and another to pay it off - its all going to end in tears - not that its like boom or bust or anything

A rather philosophical view if I may say so.

Had HTB been around in 400BC, I am pretty sure that Socrates himself would have availed himself of it. But it wasn't. As Classical scholars will know, he himself admitted that he knew that he knew nothing about it.

Thrugelmir

He added: "The interest is so great we predict lenders will need to put a cap on the amount they lend under the scheme."

Appears oblivlious to the fact that mortgage lending is already capped by product.

THE_MASKED_TURNIP

Popped into my own local friendly Estate Agentd yesterday evening after work as they decided to open late since last week due to, her words, "unprecedented demand from first timers". I have to admit that it even surprised myself seeing all the EA's desks filled, seats taken, and phones ringing. Quite a professional scene to behold. After a short browse we exchanged pleasantries and told him I'd pop back in next week.

Percy1983

Hardly surprising there is a small surge, out of all those who where saving for 10% (or more) many of them will have probably passed the 5% marker.

Now the question really is how many of those will actually get accepted for mortgages on the scheme as critera will be tight and from that how long will this go on for?, as in is this all of them at once or just 5% of them.

It will take a little more time to see the actual impact of this.