Help to Buy

Help to Buy boosts home ownership

More than 285,000 homeowners, including 240,000 first time buyers, have been supported by the government’s Help to Buy schemes according to figures released today (June 22) by the government.

More than 120,000 completions have now taken place through the Help to Buy Equity Loan scheme, which was launched four years ago and offers buyers up to 20% of a newly-built home’s costs so they only need to provide a 5% deposit.

The total value of these equity loans was £5.86 billion with the value of homes sold under the scheme has topped £25.5 billion.

The most popular property bought under Help to Buy was a semi-detached home which represent 31 per cent of completions followed by detached homes at 29 per cent.

The Help to Buy: ISA has now helped more than 960,000 people save towards their own home.

 

Help to Buy statistics show that:

  • More than 285,000 completions have taken place using one or more of the Help to Buy schemes
  • More than 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
  • More than 90% of completions across the Help to Buy schemes have taken place outside of London

Alok Sharma, housing and planning minister said: 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.

The South West, North West, Yorkshire and the Humber 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.