More than 420,000 people have now used the government’s Help to Buy schemes to help them realise their home-owning dreams, new figures show.
First-time buyers continue to open new Help to Buy: ISA accounts, with more than 1.2 million accounts now opened, offering government bonuses of up to £3,000 on top of their savings.
Quarterly Help to Buy statistics released today (Thursday 16 August) show that:
- more than 420,000 completions have taken place using one or more of the Help to Buy schemes
- more than 365,400 first-time buyer households are now on the housing ladder thanks to Help to Buy
- the North West is the region with the highest number of Help to Buy completions (more than 20,000 in the last quarter)
John Glen, Economic Secretary to the Treasury, said:
We’re helping a new generation of first-time buyers realise their dream of owning a home.
Help to Buy continues to be hugely popular across the UK, with 420,000 people getting support so far.
And with our stamp duty cuts and the lifetime ISA, we are delivering for first-time buyers.
Kit Malthouse MP, Minister of State for Housing, said:
This government is committed to helping more people get on the housing ladder, restoring the dream of home ownership for a new generation.
Our Help To Buy: Equity Loan scheme has made this a reality for tens of thousands of households across the country, helping almost 170k households purchase their home.
More than 169,100 property purchases have 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.
95% of first-time buyers who pay stamp duty will also benefit from tax changes announced in Autumn Budget 2017, helping more than a million people get on the housing ladder over the next 5 years.
The government has abolished stamp duty altogether for first-time buyer purchases up to £300,000, and made this relief available for the first £300,000 of properties worth up to £500,000, providing help for people in higher value areas.
So far, 121,500 first-time buyers have saved a total of £284,000,000 thanks to this stamp duty relief.
The government is committed to making housing more affordable, with an aim to build 300,000 new homes a year in the areas that need it, as well as encouraging better use of land in cities and towns.
For people saving up for their first home or for later in life, the Lifetime ISA is also available. Savers can put in up to £4,000 each year, until the age of 50. The government will add a 25% bonus to your savings, up to a maximum of £1,000 per year.