The government has released the latest Help to Buy statistics, with the figures showing that over 220,000 people have been able to buy a home using the government’s Help to Buy products. The government has helped people to benefit through their Help to Buy ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and London Help to Buy schemes.
The latest statistics show that:
- over 220,000 completions have taken place under the schemes
- over 180,000 first time buyer households are now on the housing ladder after using a Help to Buy Scheme
- the average house price across the schemes is £191,000, showing that it is those buying smaller properties who are really benefitting
The Chancellor of the Exchequer, Philip Hammond, said:
“Our Help to Buy schemes are helping hundreds of thousands of people, especially first time buyers, achieve home ownership. We are continuing the popular Equity Loan and ISA schemes to ensure people can access support when buying or saving for a property. We are determined to help make home ownership a reality for hard working people.”
More than 100,000 completions have now taken place through the Help to Buy Equity Loan scheme, which offers buyers up to 20% of a newly built home’s costs so they only need to provide a 5% deposit.
Since the launch of the Help to Buy: ISA in December 2015, 27,222 property completions have been supported by the scheme. The highest proportion of property completions with the support of the ISA are in the North West, Yorkshire and the Humber and South West.
The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It helped 1,500 buyers with their property purchase between February-September 2016, across 29 London boroughs.
Housing and Planning Minister, Gavin Barwell, said:
“As these figures show, this Government is supporting thousands of first time buyers, helping them to get their first step onto the housing ladder.
“I am delighted to see that the Help to Buy: Equity Loan scheme, in particular, continues to be hugely successful and has now helped a landmark 100,000 households to own their own home.”
As the government has previously announced, the Mortgage Guarantee Scheme will end on 31 December 2016 as a wide range of 95% mortgage products are now available from commercial lenders.