Nearly 260,000 people have bought their home using Help to buy schemes and more than 870,000 have opened a Help to Buy ISA.
The latest figures issued by the government show that:
• over 259,000 completions have taken place using one or more of the Help to Buy schemes, most 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.
Stewart Baseley, Chairman of the Home Builders Federation Executive, 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.”
Support for home buyers is provided via three schemes:
1. The Help to Buy ISA is specifically for first-time buyers. For every £200 you save, the government will provide a bonus of £50. The maximum bonus you can receive on completion of a property purchase is £3,000.
2. The Help to Buy Equity Loan scheme offers buyers up to 20% of the cost of a new build home so they only need to provide a 5% deposit. It is open to both first-time buyers and those looking to step up the housing ladder.
3. The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It is open to both first time buyers and those looking to step up the housing ladder.
Please contact us if you would like advice about the legal aspects of buying or selling a home.