Finance

Over 400k FTBs have taken advantage of Help to Buy

Warren Lewis
|
3rd December 2018
FTB 112

According to the latest figures released by the government, over 400,000 people have been able to buy their first home thanks to Help to Buy schemes.

The figures show that 458,000 completions have taken place overall using one or more of the Help to Buy schemes. Some 402,000 of which were first time buyers.

Quarterly Help to Buy statistics also show that first time buyers have now opened 1.2 million Help to Buy: ISAs, offering government bonuses of up to £3,000 on top of their savings with the average price of a home purchased through the schemes being £201,881.

John Glen, Economic Secretary to the Treasury said: "We want to help as many people as possible experience the fantastic feeling of pride you get when you collect the keys to your first home. That’s why we offer the special Help to Buy: ISA for them to save, cut their Stamp Duty, and introduced a new Help to Buy Equity Loan to run until March 2023."

James Brokenshire, Communities Secretary, said: "I am committed to making the housing market work for everyone and restore the dream of home ownership for a new generation.

It’s great news that since 2010 we have helped over half a million people get on the housing ladder, through programmes such as Help to Buy. We are determined to do more, which is why we have dedicated over £44 billion of investment to help deliver the homes communities need.

The most completions using the Help to Buy: ISA have taken place in the North West and Yorkshire & the Humber. In total, 169,980 completions have taken place across the UK since its launch in December 2015.

The London Help to Buy scheme - which provides an equity loan of up to 40% for buyers in the capital with a 5% deposit - has helped 13,697 buyers across 33 boroughs purchase their own property between February 2016 and June 2018.

More than 183,000 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. By March 2021, the government expects to have invested around £22 billion in the scheme, supporting up to 360,000 households into homeownership."

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