Over 220,000 purchase through Help to Buy

The latest Help to Buy statistics show that over 220,000 people have been able to buy a home using the government’s Help to Buy products, as the mortgage guarantee scheme nears its closure.

Related topics:  Mortgages
Rozi Jones
16th December 2016
first time buyer ftb buyer young couple house

Over 220,000 completions have taken place under the schemes, which include ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and London Help to Buy.

More than 100,000 completions have now taken place through the Help to Buy Equity Loan scheme.

Since the launch of the Help to Buy: ISA in December 2015, 27,222 property completions have been supported by the scheme. The highest proportion of property completions with the support of the ISA are in the North West, Yorkshire and the Humber and South West.

The London Help to Buy scheme helped 1,500 buyers with their property purchase between February-September 2016, across 29 London boroughs.

In total, over 180,000 first time buyer households are now on the housing ladder after using a Help to Buy Scheme, with the average house price across the schemes standing at £191,000.

The Mortgage Guarantee Scheme will end on 31 December 2016, with a wide range of lenders pledging to continue offering 95% mortgage products.

The Chancellor of the Exchequer, Philip Hammond, said: "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."

Housing and Planning Minister, Gavin Barwell, added: "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."

More like this
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.