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Help to Buy lends a hand to thousands of homeowners

Friday 17 August 2018

More than 420,000 people have now used Help to Buy schemes to take the first step on to the housing ladder, according to new Government statistics, with the average Help to Buy bonus claim reaching £800 - a new record.

The Ministry of Housing, Communities and Local Government report that over 1.2 million first-time buyers have opened a Help to Buy ISA account so far, which contributes funds of up to £3,000 on top of the buyers’ savings.

Meanwhile more than 420,000 property completions have taken place using one or more of the Government's Help to Buy schemes, and more than 365,400 first-time buyer households are now on the housing ladder thanks to Help to Buy, the statistics found.

John Glen, Economic Secretary to the Treasury, said: “We’re helping a new generation of first-time buyers realise their dream of owning a home. Help to Buy continues to be hugely popular across the UK, with 420,000 people getting support so far. And with our stamp duty cuts and the lifetime ISA, we are delivering for first-time buyers.”

More than 169,100 property purchases have taken place through the Help to Buy Equity Loan scheme, which offers buyers up to 20 per cent of a newly built home’s costs so they only need to provide a five per cent deposit.

Help to Buy is just one measure set up to help first-time buyers realise the dream of owning their own home. In November 2017 the Government scrapped stamp duty altogether for first-time buyer on purchases up to £300,000, and made the relief available for the first £300,000 on properties worth up to £500,000, providing help for people in higher value areas. Following on from this tax changes, 95 per cent of first-time buyers now benefit from paying no Stamp Duty at all, with 121,500 first-time buyers saving a total of £284,000,000 so far, due to stamp duty relief.

Minister of State for Housing, Kit Malthouse MP, commented: “This government is committed to helping more people get on the housing ladder, restoring the dream of home ownership for a new generation. Our Help To Buy: Equity Loan scheme has made this a reality for tens of thousands of households across the country, helping almost 170 thousand households purchase their home.”