Government reveals Help to Buy scheme and Isa take-up figures

House-Home-Property-Ladder-Mortgage-700x450.jpg

Nearly 260,000 people have bought a home using one of the Government’s Help to Buy schemes and more than 868,000 have opened a Help to Buy Isa.

Treasury figures released today show that most of the 84 per cent of the Help to Buy completions are first-time buyer and that the average house price across the scheme is £192,854.

Chancellor Philip Hammond says: “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.”

Housing minister Gavin Barwell says: “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.”

More than 112,000 completions have now taken place through the equity loan scheme.

The scheme offers buyers up to 20 per cent of a newly built home’s costs, and 40 per cent in London, so they only need to provide a 5 per cent deposit.

The Government says it has put £8.6bn into the equity loan scheme since it began. The scheme has made up 14 per cent of all new build housing output since its introduction.

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 since launch in December 2015.

Between 1 February 2016 and 31 December 2016 2,381 buyers in London used the London Help to Buy scheme.