First-time buyers net average £579 bonus from Help to Buy ISA
More than 868,000 have opened a Help to Buy ISA since the scheme was launched at the end of 2015 and just over 45,000 property completions have taken place.
The government statistics reveal that 63,000 bonuses have been paid through the Help to Buy ISA scheme, with an average amount of £579.
The average age of a first-time buyer under the scheme is 27, compared with the national first-time buyer age of 30. And the average cost of a property bought under the Help to Buy ISA is £170,000, compared with the average first-time buyer house price of £185,000.
Regionally, more property completions took place in the North West, Yorkshire and The Humber, and South West, with a lower proportion in the North East and Northern Ireland.
All the Help to Buy latest statistics
The latest Help to Buy statistics reveal a million people have used one of the government’s house-buying schemes to get on the property ladder. Overall, more than 259,000 completions have taken place with the majority being first-time buyers.
Aside from the Help to Buy ISA, here’s a snapshot of the numbers:
Help to Buy: equity loan scheme: More than 112,000 have bought properties via this scheme between 1 April 2013 and December 2016, with the value of the loans at £5.34bn. The scheme offers buyers up to 20% of the cost of a new build home so they only need to provide a 5% deposit. It is open to both first-time buyers and those looking to step up the housing ladder.
London Help to Buy: It has helped 2,300 buyers with their property purchase between February and December 2016. The scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It is open to both first time buyers and those looking to step up the housing ladder.
See YourMoney.com’s How can Help to Buy help you? for information about how each of the schemes work.
Philip Hammond, chancellor of the exchequer, said: “This government is committed to helping working people get on the housing ladder. Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first time buyers.”