Help to Buy, has helped nearly 120,000 people achieve their aspiration of buying a new home while boosting the house building industry, latest figures have revealed.
Since the launch of the Help to Buy equity loan and mortgage guarantee schemes 80% of scheme completions have been made by first-time buyers, with more expected when the government’s Help to Buy ISA launches in December
The scheme was created in 2013 to ensure that working people who were doing the right thing and saving for a deposit could achieve their aspiration of buying their own home through government support.
Together with the government’s Help to Buy: NewBuy scheme – which offered 95% mortgages for those buying new-build properties – the number of new home owners has reached over 118,000.
Help to Buy is also supporting the country’s economy by getting Britain building again. Half of homes bought under the scheme were new-build properties, contributing to the sharpest rise in house building orders since 2003.
Both annual housing starts and planning approvals are at a seven year high, with more than 606,000 new homes being built since 2010.
Helping people across the UK
Help to Buy is helping people throughout the UK achieve their dream of owning a new or bigger home.
With almost all completions outside London, the highest number of homes have been through the mortgage guarantee scheme in the North West region. The equity loan – a scheme for new build properties – is particularly high in the South East region.