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Help to Buy breakdown

Friday 30 November 2018

More than 400,000 people have been able to buy their first home thanks to the Government’s Help to Buy schemes, new figures show.

According to a Government report, released today, over 458,000 completions have taken place overall using one or more of the Help to Buy schemes - some 402,000 of which were first time buyers.

The quarterly statistics also show that first time buyers have now opened 1.2 million Help to Buy: ISAs, offering Government bonuses of up to £3,000 on top of their savings. Data from 1 December 2015 to June 2018 revealed that 169,980 property completions have been supported by the scheme, with the most completions taking place in the North West and Yorkshire & the Humber.

Figures released as part of the Governments Help to Buy (equity loan scheme) data report found that since the launch of the Help to Buy: Equity Loan scheme on 1 April 2013 through to 30 June 2018, 183,947 properties have been bought with an equity loan - with 81 per cent of those to first-time buyers. 

The total value of these equity loans was £9.90 billion, with the value of the properties sold under the scheme totalling £46.52 billion. By March 2021, the government expects to have invested around £22 billion in the scheme, supporting up to 360,000 households into homeownership.

Additionally, the London Help to Buy scheme - which provides an equity loan of up to 40 per cent for buyers in the capital with a five per cent deposit - has helped 13,697 buyers across 33 boroughs purchase their own property between February 2016 and June 2018.

The report found that over 93 per cent of completions across the Help to Buy schemes have taken place outside of London, with the average house price purchased standing at £201,881.

John Glen, Economic Secretary to the Treasury said: “We want to help as many people as possible experience the fantastic feeling of pride you get when you collect the keys to your first home. That’s why we offer the special Help to Buy: ISA for them to save, cut their Stamp Duty, and introduced a new Help to Buy Equity Loan to run until March 2023.”

Commenting on the figures, Communities Secretary, James Brokenshire MP, said: “I am committed to making the housing market work for everyone and restore the dream of home ownership for a new generation. It’s great news that since 2010 we have helped over half a million people get on the housing ladder, through programmes such as Help to Buy. We are determined to do more, which is why we have dedicated over £44 billion of investment to help deliver the homes communities need.”