220,000 people able to buy thanks to Help to Buy scheme

Latest Help to Buy statistics show over 220,000 people have been able to buy a home using Help to Buy scheme.

Latest figures from Help to Buy reveal that over 220,000 people were able to purchase a new home thanks to the scheme, with over 180,000 supported by the scheme being first time buyers.

The scheme was created by the government, as a way to help more people get on the property ladder.

People have benefitted from the following Help to Buy schemes: ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and London Help to Buy.

The statistics show that the average house price across the schemes is £191,000, showing that it is those buying smaller properties who are really benefitting from the scheme.

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.

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.”

The Mortgage Guarantee Scheme will end on 31 December 2016, as a wide range of 95% mortgage products are now available from commercial lenders.

The Help to Buy Equity Loan scheme, which offers buyers u[p to 20% of a newly built home’s cost so they only need to provide a 5% deposit, has led to more than 100,000 completions.

Since the launch of the Help to Buy: ISA in December 2015, 27,222 property completions have been supported by the scheme.

The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. Across 29 London boroughs, It helped 1,500 buyers with their property purchase between February-September 2016.

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