The number of Help to Buy properties for sale in Manchester has crashed by 64.3% since 2022, according to new information, but which areas are the worst affected?
In February 2022 only one,619 Assistance to Buy properties were listed on the market across the whole based in london, down from 4,535 at the end of 2022, according to research by modular homes provider Project Etopia.
Here we take a look the very best and worst areas in London for Help to Buy property availability along with other government schemes that may give you a advantage to the capital’s property ladder.
Which boroughs are suffering the biggest Assistance to Buy drought?
The accessibility to properties available through London Help to Buy – a government scheme that lends buyers up to 40% of the property price – is swiftly diminishing in certain boroughs.
The research, based on listings on Rightmove and Zoopla, showed that in February 2022 nearly half (15) of London’s 32 boroughs didn’t have Assistance to Buy homes for sale whatsoever.
Even when adding flats in to the equation, Hammersmith and Fulham only had one Help to Buy property on the market in February – earning it the dubious accolade to be the worst London borough for Assistance to Buy availability.
Kensington and Chelsea, among the capital’s wealthiest areas, had the second-lowest number of Help to Buy properties available, with only three listed on the market.
The political hub of Westminster only went one better, having a meagre four Help to Buy homes available on the market.
Best areas for London Help to Buy
The south London borough of Croydon boasted the very best Help to Buy availability, with 170 homes available for sale in February 2022.
Situated within the north London suburbs, Barnet had the second-highest quantity of Help to Buy properties on the market, at 135.
Tower Hamlets, in the East End, was in third position, with 127 London Help to Buy properties listed on the market recently.
The table below shows how many Help to Buy properties were available in each London borough in February 2022 vs December 2022. Make use of the search bar to find your area.
What is Help to Buy?
The governments in England, Wales and Scotland all offer Help to Buy equity loans to help people buy homes.
Under London Assistance to Buy, you can apply for an equity loan of up to 40%. Which means that place down a deposit of 5%, borrow as much as 40% from the property value in the government and take out a mortgage on the remaining 55%.
The loan is interest-free for that first 5 years, then you’ll need to start paying monthly charges. You’ll need to repay the loan entirely after Twenty five years or whenever your mortgage ends, whichever comes first.
Help to Buy is open to first-time buyers and home movers but is restricted to new-build homes on developments which are participating in the scheme. The London scheme is more generous than elsewhere in great britan, because the table below shows:
| Help to Buy scheme | Maximum equity loan | Maximum property price |
| England (excluding London) | 20% | lb600,000 |
| London | 40% | lb600,000 |
| Scotland | 15% | lb200,000 |
| Wales | 20% | lb300,000 |
Alternatives to assist to Buy
If you aren’t entitled to London Assistance to Buy, don’t want to buy (or can’t find a suitable) new-build, or just don’t like the sound from the equity loan scheme, you will find alternatives that might be really worth trying.
Shared ownership
Shared ownership enables you to purchase a share of a property – usually between 25% and 75% – and pay rent to a housing association around the remaining portion of the property.
Some shared ownership schemes permit you to increase the share from the property you have at a later date through a process called ‘staircasing’, but this can be challenging and frequently costly.
Rent to Buy
Rent to Buy was introduced to help people save a good enough deposit to get to the property ladder.
The scheme enables you to rent a home at 20% below the normal market rate for approximately five years.
During this time around you’ll obtain the choice to either purchase the entire property or purchase a portion of it through shared ownership.
The quantity of Rent to purchase properties available is quite limited and you'll have to pass additional eligibility criteria with respect to the housing association that the property is offered under.
Getting a home loan in London
London house prices are notoriously greater than those who work in the rest of the UK, so trying to secure a mortgage might appear to be a hopeless task, especially if you're a first-time buyer.
Before beginning to look for a home within the capital, you need to see how much you can afford to gain access to, to obtain a concept of the region and property type you'll realistically have the ability to buy.
Mortgage lenders will generally offer between three and four-and-a-half times the entire annual salary of you and other people you're buying with.
Before shop whether and how much to provide, lenders will appear at additional factors including your credit score, debts you owe, your average spending as well as your personal circumstances more generally.
Check out our guide on buying a house or flat in London to learn more about London house prices and tips on buying within the capital.
Get one-to-one mortgage advice
Whether you're trying to get to the property ladder or wish to take the next thing, buying a new home can be challenging.
Speaking for an independent large financial company will help you get the best deals for your personal circumstances and make the process run as smoothly as you possibly can.
