Help to Buy schemes have helped over 1 million purchase a new home.
New figures from the government indicate that over 868,000 Help to Buy ISAs have been opened and 259,000 people have now bought a property with the help of one of the flagship Help to Buy schemes.
The highest number of Help to Buy ISA assisted property completions has been observed across three regions; the North West, Yorkshire and The Humber and the South West. Overall, since the introduction in December 2014, the ISA bonus has helped a total 45,098 completions take place throughout the UK.
London’s Help to Buy scheme has helped 2,381 buyers in 31 boroughs between 1 February 2016 and 31 December 2016.
Over 112,000 completions have also taken place through Help to Buy’s Equity Loan scheme.
Commenting on the figures was Chancellor of the Exchequer, Philip Hammond, who stated: “This government is committed to helping working people get on the housing ladder. Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first time buyers.”
The Housing and Planning Minister, Gavin Barwell, also shared his views on the findings. He mentioned the aims of the Housing White Paper and the Equity Loan scheme providing a lifeline for first-time buyers.
“As our Housing White Paper sets out, we’re committed to helping more people find a home of their own with the support of a range of low-cost home ownership products.
“Our Help to Buy: Equity Loan scheme continues to make home ownership a reality for thousands of people, especially first time buyers right across the country.”
Also commenting was Stewart Baseley. The Home Builders Federation Executive Chairman highlighted the importance of the Help to buy schemes for housing developers as well as buyers.
“Help to buy is absolutely central to the big increases in housing supply we have seen over the past few years.
“Helping people who otherwise would not be able to purchase a home provides the confidence builders need to invest in recruiting and training new staff to ramp up production and bring forward new sites.”