More than 200,000 on property ladder through Help to Buy schemes
The latest Help to Buy statistics reveal that 220,000 completions have taken place under the ISA, shared ownership, mortgage guarantee, equity loan and London Help to Buy schemes.
And about 180,000 were first time buyers, with the average house price across the schemes standing at £191,000 showing those buying smaller properties are benefiting the most.
Here’s a snapshot of the numbers:
Help to Buy: equity loan scheme: More than 100,000 have bought properties via this scheme which offers buyers up to 20% off a newly built home’s costs so they only need to provide a 5% deposit.
Help to Buy ISA: Since December 2015, 27,222 property completions have taken place with the highest proportion in the North West, Yorkshire and the Humber, and South West.
London Help to Buy: It has helped 1,500 buyers with their property purchase between February and September 2016, across 29 London boroughs. The scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit.
See YourMoney.com’s How can Help to Buy help you? for information about how each of the schemes work.
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.”