The report estimated that 246,000 individuals have got onto the property ladder thanks to the scheme. In 2017 the median household income for those using the scheme was £49,000.
HBF says that the report, released as the government considers the scheme’s future beyond 2021, shows how Help to Buy has achieved all the targets specified at launch - to increase home ownership; increase housing supply; and generate economic activity.
The report also looks at claims that the scheme has driven up new build house prices, finding that the respective increase in price between new builds and second hand homes is consistent. “While new build prices have always traditionally been slightly higher than second hand properties, the rate of house price growth for new build properties continues to mirror price rises in the wider housing market,” says HBF.
Stewart Baseley, HBF executive chairman, said: “It is quite clear that the Help to Buy scheme has been an unmitigated success and has delivered handsomely on all its objectives. It has enabled hundreds of thousands of people to realise their dream of owning a home, the vast majority of whom are first time buyers on average incomes. It has led to an unprecedented increase in housebuilding activity, created tens of thousands of jobs and boosted local economies the length and breadth of the country.
Government should celebrate its success and use the hard evidence now available to rebut the claims of its critics. As we look to tackle our acute housing crisis and deliver on the prime minister’s target to build 300,000 homes per year the scheme has a key part to play. Government should reflect on the huge impact the scheme is having on individuals keen to realise their dreams of home ownership, on housing supply and on the wider economy.
Housebuilders continue to invest in the land, materials and people needed to deliver furthers increases in supply confident in the demand Help to Buy is underpinning. Certainty moving forward is now required to enable the increases in housing supply, and the associated social and economic benefits, to continue.”
