Over a million first-time buyers using Help to Buy

More than 259,000 bought home using Help to Buy and over 868,000 have opened Help to buy: ISA.

Over one million people have been supported by one of the governments Help to Buy schemes, including 868,240 who have opened Help to Buy: ISAs offering government bonuses of up to £3000 for those buying their first home.

Help to Buy statistics show that over 259,000 completions have taken place using a Help to Buy scheme, with the majority of these being first-time buyers who may not have otherwise had the opportunity to get on the ladder. More than 215,000  (84% of total completions) first-time buyers are now owners of property thanks to Help to Buy.

The scheme lowers house prices for first-time buyers, with the average house at £192,854. The national average house price is £220,000.

Philip Hammond, Chancellor of the Exchequer said: “This government is committed to helping working people get on the housing ladder. Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first time buyers.”

Gavin Barwell, Housing and Planning Minister, said: “As our Housing White Paper sets out, we’re committed to helping more people find a home of their own with the support of a range of low-cost home ownership products.

“Our Help to Buy: Equity Loan scheme continues to make home ownership a reality for thousands of people, especially first-time buyer’s right across the country.

Home Builders Federation Executive Chairman Stewart Baseley said: “Help to Buy is absolutely central to the big increases in housing supply we have seen over the past few years.

“Helping people who otherwise would not be able to purchase a home provides the confidence builders need to invest in recruiting and training new staff to ramp up production and bring forward new sites.”

Through the Help to Buy Equity Loan scheme, 112,000 completions have taken place. The scheme offers buyers up to 20% of a newly built home’s cost and 40% in London so they only need to provide a 5% deposit.

The North West, Yorkshire and The Humber, and the South West have seen the highest number of property completions using the Help to Buy: ISA. In total, 45,098 completions have taken place across the UK using the ISA bonus have taken place since launch in December 2015.

The London Help to Buy scheme has benefitted 2,381 buyers in the capital across 31 boroughs between 1 February 2016 and 31 December 2016.

The three schemes that the government continues to run to support UK housing are  the Help to Buy: ISA, The Help to Buy Equity Loan and the London Help to Buy scheme.

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