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Help to Buy 2 reduces deposit requirements by £22.1 Billion

7th October 2013

  • 665,000 properties currently on market that are eligible for the scheme
  • Average asking price of eligible properties currently stands at £222,168
  • 15% reduction in deposit requirements equates to average saving of £33,325
  • 5% deposit makes ownership possible for under £10,000 in 6 of 10 regions

The total amount which Help to Buy 2 could knock-off deposit requirements for aspiring homeowners across England and Wales is £22.1bn, according to new research by property website Zoopla.co.uk.

With 665,000 homes currently on the market that are eligible for Help to Buy 2 (with asking prices under £600,000) at an average asking price of £222,168., the scheme could reduce total deposit requirements by £22.1bn and help thousands more would-be buyers fulfill their aspiration of homeownership.

Now that the second phase of the scheme has come into effect, the average deposit requirement to buy a property under Help 2 Buy 2 has fallen to only £11,108 and has been reduced by £33,325.

And under the new scheme, the average deposit required to buy an eligible property has fallen below £10,000 in six out of the ten regions across England and Wales (see table below). An average home on the market in Yorkshire and the Humber can now be bought with a deposit of only £8,129 – the lowest level across the country. Before Help to Buy 2, a 20% deposit in the region would have set an average buyer back £32,518. The average buyer can now also get on the housing ladder with a deposit of under £10,000 in the North East, the North West, Wales, the West Midlands, the East Midlands and the West Midlands. In London, where house prices are much higher, the scheme will reduce the average deposit requirement by £48,309.

Lawrence Hall of Zoopla.co.uk comments: “Help to Buy 2 won’t just narrow the aspiration gap, it could help close it entirely. House prices are beginning to rise, savings rates are low, inflation is consistently above target and wage increases aren’t keeping pace. It makes saving for a 20% deposit on a property very difficult for many. Even people with well-paid jobs are being priced out of the market. The new scheme helps address that problem, making the first rung of the ladder much lower for would-be buyers who want to get a foot on it. People everywhere need help. Help to Buy can make housing market a place for the many, not the few.”

Region Avg. asking price (up to £600k) Avg. deposit saved (15%) Avg. deposit required 5%)
South East England £264,905 £39,736 £13,245
South West England £234,891 £35,234 £11,745
North West England £178,052 £26,708 £8,903
East of England £241,747 £36,262 £12,087
London £322,057 £48,309 £16,103
West Midlands £191,352 £28,703 £9,568
Yorkshire & The Humber £162,588 £24,388 £8,129
East Midlands £186,796 £28,019 £9,340
North East England £177,512 £26,627 £8,876
Wales £187,993 £28,199 £9,400

- Ends -

For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

About Zoopla

Hello. We're Zoopla. A property website and app.

We know you're not just looking for a place to live. You're looking for a home.

Yeah, we've got over a million properties for you to browse.

Tools that let you filter them in all kinds of clever ways.

And reliable house price estimates, so you can be sure you aren't paying over the odds.

But we know you're looking for more than that.

Because that first flat won't just be a 'great investment opportunity'.

It'll be the feeling of starting out on your own.

That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

What really matters is how it makes you feel.

We know what a home is really worth.

So let us help you find yours.

Zoopla is part of Zoopla Limited which was founded in 2007.

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