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Quarter of buyers unaware of Help to Buy

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Many property buyers or current home owners haven’t even heard of the Help to Buy scheme or have admitted to ‘hearing the name but not knowing what it was’, according to a report.

The research by removals company Bishop’s Move based on a survey of 1000 people across the UK found almost a quarter haven’t heard of the Help to Buy scheme.

In the North East, when asked for a view of the Help to Buy scheme, 25% said they ‘hadn’t even heard of Help to Buy’ compared to just 7% in Yorkshire and 6% in the West Midlands.

A further 28% in the South West and 26% in Yorkshire also admitted to ‘hearing about the scheme but not realising what it was’.

Just 3% of buyers were ‘fully aware of the benefits of Help to Buy and have used or knew someone that had used the scheme’ whilst over half said they were ‘aware that it was helping first time buyers onto the property ladder’.

Chris Marshall, sales and marketing director at Bishop’s Move said: “Help to Buy has certainly been making the headlines for some time but there are still pockets of home owners and property buyers across the UK that remain completely unaware of the scheme. “

He said it was particularly worrying that level of awareness was so low in an area that could benefit the most due to its stagnant property market.

Marshall said: “In order to improve local economies through the housing market, more needs to be done from a regional perspective to ensure people are fully aware of the many benefits Help to Buy can bring.”

Statistics released by the Office for National Statistics showed 2,283 properties were purchased in England using the Help to Buy: equity loan scheme during the month of May.

This brings the total number of homes bought using the first new-build part of the scheme to 22,831 since its launch in April 2013.