Recent research has indicated that the Help to Buy schemes have been used by 285,000 homeowners to support them in funding their first property purchase.
According to figures from the Department for Communities and Local Government, 960,000 people have used the Help to Buy: ISA to save for their first home and is expected to help thousands more in upcoming years.
Across the Help to Buy schemes, the average house price is £193,826, with an estimated 285,000 completions having used at least one of them. Less than 10% of completions which used a Help to Buy scheme occurred within London.
Commenting on the figures was the recently appointed Housing and Planning Minister, Alok Sharma. Drawing attention to the success of the schemes as well as the regional support they’ve provided, Mr Sharma stated: “As set out in our Housing White Paper, we’re committed to helping those aspiring home buyers currently locked out of the market to turn their home ownership dreams into reality.
“Today’s figures show that Help to Buy: Equity Loan continues to be hugely successful, supporting thousands of households across the country to take their first step onto the housing ladder.
“More than 120,000 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 North West, Yorkshire and the Humber, and the South West have seen the highest number of property completions using the Help to Buy: ISA. In total, 62,528 completions across the UK using the ISA bonus have taken place since 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 3,249 buyers in the capital across 32 boroughs purchase their own property between February 2016 and March 2017.”