New statistics show that over 350,000 people across the UK have now used the government’s Help to Buy schemes.
More than 1 million first time buyers have also opened a Help to Buy: ISA, which offer government bonuses of up to £3,000 on top of their savings.
The Help to Buy statistics released show that: over 350,000 completions have taken place using one or more of the Help to Buy schemes; over 300,000 first time buyer households are now on the housing ladder thanks to Help to Buy; over 93% of completions across the Help to Buy schemes have taken place outside of London.
John Glen, Economic Secretary to the Treasury said, “This government is dedicated to helping current and future generations buy their own home. The government’s Help to Buy schemes has helped make that dream a reality for more than 350,000 people so far, with the ISA currently being used by many more future buyers to save towards that goal.
“Help to Buy is part of our wider plan to tackle the housing challenge and ensure the next generation can get on and climb up the housing ladder.”
Housing Minister, Dominic Raab, said, “This government is committed to helping more people get on the housing ladder, with the support of a range of low cost home ownership products.
“Thanks to our Help to Buy: Equity Loan scheme the dream of home ownership continues to become a reality for thousands more households across the country.”
More than 140,000 completions have now taken place through the Help to Buy Equity Loan scheme, which offers buyers up to 20% of a newly built home’s costs so they only need to provide a 5% deposit.
The most completions using the Help to Buy: ISA have taken place in the North West, and Yorkshire and The Humber. In total, 106,612 completions have taken place across the UK using the ISA bonus since its launch in December 2015.
The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It has helped 5,715 buyers in the capital across 33 boroughs purchase their own property between February 2016 and September 2017.