Help to Buy creates 131 new homeowners a day

Housing Minister, Brandon Lewis, has announced that The Help to Buy schemes have created 131 new homeowners every day since April 2013.

These figures show, accotding to Mr Lewis, that the Help to Buy scheme is an important part of the government’s efforts to ensure anyone that works hard and aspires to own their own home has the opportunity to do so.

Over 100,000 people have used the Help to Buy equity loan, mortgage guarantee and NewBuy schemes at a fraction of the deposit they would normally require.

Four out of the five of these were first-time buyers – and 94% of the sales were outside of London.

Part of the Government’s long term economic plan, house building and home ownership are being supported by the scheme, which was launched in 2013.

The Help to Buy: equity loan and Help to Buy: mortgage guarantee schemes were set up to support hard-working taxpayers who could pay a mortgage, but struggle to save the deposits required by lenders following the financial crisis.

Housing Minister Brandon Lewis said: “Today’s figures clearly show the continuing success of the Help to Buy scheme in supporting many credit-worthy, hardworking people who want to buy their own home.

“131 new homeowners a day have now been created through the scheme, enabling them to buy with a fraction of the deposit they would normally require.

“Our long-term economic plan has turned this country around from the one we inherited, now numbers of first-time buyers are at their highest since 2007, housebuilding continues to climb and over 225,000 households have been helped to buy or reserve property since 2010 through government-backed schemes.”

Stewart Baseley, executive chairman of the Home Builders Federation said: “Help to Buy continues to drive demand for new homes, and its extension to 2020 is a huge boost. That demand is being met by the house building industry which is increasing output at the highest rate for decades.

“With this support for buyers in place, house builders are planning greater investment in land, labour and supply chains to maintain and sustain this increased level of activity. Delivering more, high quality houses will provide the next generation with decent homes, create jobs and boost local economies across the country.”

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