Statistics showing cumulative sales since the launch of the Help to Buy (equity loan) scheme on 1 April 2013.
The latest monthly release of breakdowns of cumulative sales under the Help to Buy (equity loan) scheme is available from Open Data Communities.
The main points are:
- in the first 23 months (to 28 February 2015), 44,471 properties were bought (legal completions) with the support of the Help to Buy: equity loan scheme
- the majority of sales were to first-time buyers (36,385), representing 82% of total sales
- the average (mean) purchase price was £212,719
- the top 6 local authorities in terms of completed sales are Wiltshire (780), Leeds (714), Central Bedfordshire UA (700), Peterborough (598), Milton Keynes (594) and County Durham (557)
The Open Data Communities portal allows users to quickly and easily navigate local level data. The figures cover the first 23 months of the scheme, from the launch of the scheme on 1 April 2013 until 28 February 2015, with breakdowns available:
- by local authority, as previously published as Excel spreadsheets (see below) and including a column on sales to first-time buyers
- by Parliamentary Constituency (for the 93% of sales where the property’s postcode does not straddle a constituency boundary); figures have been attributed to an individual constituency by reconciling data against the ONS Postcode Directory (May 2014) where possible - figures for some constituencies may be subject to revision later in the year
- by postcode sector (eg NN9 5..), shown only for postcode sectors with 3 or more cases, to minimise the possibility of individual households being identified (for the 89% of sales occurring in postcode sectors with 3 or more cases)
- by postcode district (eg NN9 …), shown only for postcode districts with 5 or more cases, to minimise the possibility of individual households being identified (for the 98% of sales occurring in postcode sectors with 3 or more cases)
Figures published by HM Treasury for cumulative sales under the Help to Buy (mortgage guarantee) scheme by local authority and by postcode district are also available from Open Data Communities.
The next monthly release will include activity to 31 March 2015, and will be published on 30 April 2015.
A mapping application drawing directly on data from Open Data Communities is also available.
Starting with the release (dated 5 March 2015), the Homes and Community Agency (HCA) have revised the completion date for the entire Help to Buy equity loan time series, as recently advised by the National Audit Office.
The HCA have stopped counting payment date (when the money out is paid out by the HCA) and now report on the expected actual completion date. It is more accurate and is closer to the live situation, especially when the HCA now recognise an asset based on a completion, rather than exchange and approved claim.
As a result (and due to reinstating accounts) the HCA have seen movement of actual completion dates. There should not be this level of difference in the future as it was a one-off activity.
As a result of the amendment, a revised time series (count and value of loans) is available here:
Further revisions of sales to 31 March 2014 broken down by local authority
Some further revisions have been made to the breakdown by local authority of cumulative sales to 31 March 2014.
Nationally, the total is identical to the previously published figure, but the local authority level figures for about 60 properties have been revised figures as a result of more up-to-date information on the allocation of properties to local authority areas becoming available. The figures now exactly match those published by the Homes and Communities Agency in Table 3 of its Housing Statistics, June 2014 tables.
Two previous editions of this table, giving cumulative totals to the end of December 2013 and end of January 2014, also included figures for ‘scheduled-out sales’, an experimental statistic representing the number of potential completed equity loan sales following a reservation of a property in the scheme. The publication of these figures was suspended for the end of February 2014 due to issues of data quality.
Having investigated the data quality issues, departmental statisticians have concluded that the figures for ‘scheduled out’ sales do not provide a consistent or robust measure of the expected future number of sales under the equity loan scheme. This is principally due to the knock-on effect of sales management processes of developers at the end of the financial year.
The department therefore no longer publishes the figures as an experimental statistic.