Help to Buy Equity Loan: 300,000 homes bought using the scheme

Essex Home Finance
More than 300,000 new-build homes have now been purchased using the governments’ Help to Buy Equity Loan across England since the scheme launched in 2013.
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More than 300,000 new-build homes have now been purchased using the governments’ Help to Buy Equity Loan across England since the scheme launched in 2013.

As many of you will be aware, the government provides a loan of up to 20% of the purchase price of a property to help buyers struggling to raise the full deposit, although the potential government contribution towards a London home is 40%, reflecting higher house prices in the capital.

The official Help to Buy statistics released yesterday show that 313,043 households have now bought a home with the support of the Help to Buy: Equity Loan Scheme since its launch.

In the three months up to December 2020, there were 21,026 completions, the highest quarterly annual total ever and 40% higher than the same period in 2019.

Most of the home purchases in the Help to Buy: Equity Loan scheme were made by first-time buyers, accounting for 257,520, or 82%, of total purchases.

Housing secretary Robert Jenrick said: “Helping people get a foot on the housing ladder is central to the mission of this government.

“The figures show over 300,000 homes have been sold through our Help to Buy scheme which hugely benefits first time buyers.

“Alongside other measures such as the stamp duty cut and new mortgage guarantee scheme, Help to Buy will continue to help more and more people to have a home that is truly their own.

This latest milestone underlines how successful the scheme has been in helping people buy their own home, according the chair of Homes England Peter Freeman.

He commented: “With the original Help to Buy scheme, and the new scheme aimed specifically at first time buyers, we look forward to helping more people like Sam achieve their dream of home ownership.”

Original Article from Property Industry Eye 14/05/2021

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