21 Sep

Help to Buy continues to attract people

Help to Buy continues to attract people

The latest Help to Buy figures show that over 50,000 homes have been bought under the government scheme.

According to the latest figures, close to 53,000 properties in England have been linked to the government programme that provides support to those who want to step on to the housing ladder.

The scheme has also proved successful in Scotland, Wales and Northern Ireland, with a further 3,500 purchases made through the Help to Buy mortgage guarantee scheme in those areas.

Figures show the initiative has had a positive impact on new build projects, with 37,600 buyers making use of equity loan to purchase a property and a further 15,000 via a mortgage guarantee system.

It is largely first-time buyers who have benefited since the launch of the scheme, with 80 per cent of those linked to the incentive becoming property owners for the first time.

"Almost 53,000 households have now benefited through Help to Buy in England. Hard working families are getting the right support to step onto the housing ladder, and house building has climbed to its highest level since 2007," said housing and planning minister Brandon Lewis.

"Postcode data for each constituency is now available, so local communities can see exactly how this vital part of our long-term economic plan is fixing the broken housing market we inherited in 2010, and supporting their area," he added.

UK house building is currently at the highest level since 2007 as many construction firms are taking advantage of the rise in demand for new homes generated by the Help to Buy initiative. Figures also reveal the country's building sector has grown for the past 16 months, with many firms taking on new workers at record rates.

The highest number of equity loan sales have been seen in Wiltshire with 557, followed by Leeds with 539 and Central Bedfordshire with 504.

In June, figures from the Department for Communities and Local Government revealed a total of £1.1 billion of loans had been offered, with the majority of people taking out a 95 per cent mortgage and with the rest opting to put down larger deposits under the scheme.

At the last budget, the government confirmed the equity loan part of the Help to Buy scheme will continue to at least 2020.ADNFCR-1222-ID-801751489-ADNFCR

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