Over a quarter of a million new homeowners thanks to Help to Buy
Over 285,000 homeowners, including 240,000 first time buyers, have been supported by the government's Help to Buy schemes.
The Help to Buy: ISA has now helped over 960,000 people save towards their own home, and will assist thousands more into home ownership over the next few years.
Help to Buy statistics released today (Thursday 22 June) show that:
- over 285,000 completions have taken place using one or more of the Help to Buy schemes
- over 240,000 first time buyers are now on the housing ladder thanks to Help to Buy
- the average house price across the schemes is £193,826, which is below the average UK house price
- over 90% of completions across the Help to Buy schemes have taken place outside of London
Stephen Barclay, Economic Secretary to the Treasury said:
We want to make sure that anyone who works hard and aspires to own their own home has that opportunity.
That is why I am delighted that our Help to Buy schemes have now helped over 240,000 first time buyers across the country achieve home ownership.
Alok Sharma, Housing and Planning Minister said:
As set out in our Housing White Paper, we’re committed to helping those aspiring home buyers currently locked out of the market to turn their home ownership dreams into reality.
Today’s figures show that Help to Buy: Equity Loan continues to be hugely successful, supporting thousands of households across the country to take their first step onto the housing ladder.
More than 120,000 completions have now 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.
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, 62,528 completions across the UK using the ISA bonus have taken place since launch in December 2015.
The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It has helped 3,249 buyers in the capital across 32 boroughs purchase their own property between February 2016 and March 2017.