Help to Buy helps 220,000 purchases

Recent Help to Buy statistics indicate that over 220,000 people have used the Government’s Help to Buy products to assist them in purchasing a home. These include the ISA, Equity Loan, London Help to Buy and Mortgage Guarantee, which is scheduled to close next year.

Under the schemes, over 220,000 completions have been made in total, with over 100,000 having taken place using the Help to Buy Equity Loan scheme.

27,222 property completions have been supported by the Help to Buy: ISA since it was launched in December 2015. The majority of these took place in the North West, Yorkshire and the Humber and the South West.

Across 29 London boroughs, the London Help to Buy Scheme helped 1,500 buyers to purchase their property between February and September 2016.

Over 180,000 first time buyer households have been helped onto the housing ladder having used a Help to Buy scheme. Across the schemes, the average house price is £191,000.

Although the Mortgage Guarantee Scheme is scheduled to come to a close on 31 December 2016, many lenders have stated they will continue to offer mortgage products reaching 95%.

Commenting on the Help to Buy Schemes was the Chancellor of the Exchequer, Philip Hammond: “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.”

Also commenting on the research was Gavin Barwell. The Housing and Planning Minister expressed how the statistics were indicative of governmental support: “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.”

Today's Conveyancer