"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"
According to the statistics released today, over 259,000 completions have taken place using one or more of the Help to Buy schemes, the majority of these are first-time buyers. More than 215,000 (84% of total completions) first-time buyers are now on the housing ladder thanks to Help to Buy. The average house price across the schemes is £192,854, which is below the national average of £220,000
Philip Hammond, Chancellor of the Exchequer said: "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."
Gavin Barwell, Housing and Planning Minister, said: "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."
Stewart Baseley, Home Builders Federation Executive Chairman said: "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."
More than 112,000 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 and 40% in London 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, 45,098 completions have taken place across the UK using the ISA bonus have taken place since launch in December 2015.
2,381 buyers in the capital across 31 boroughs also benefited from the London Help to Buy scheme between 1 February 2016 and to 31 December 2016.
