More than 355,000 homeowners have benefited from the Help to Buy scheme since it was introduced in 2013, according to the latest government figures.
First-time buyers account for 83% of total purchases. The total value of Help to Buy: Equity Loan stands at £22 billion and the value of the properties sold under the scheme total £99 billion.
The new Help to Buy: Equity Loan for first time buyers started on 1 April 2021 and will continue to help thousands more people to own their home until March 2023.
Purchasers can borrow up to 20% of the cost of a new build (40% in London), funding the balance via a mortgage and repaying the loan when they sell.
Help to Buy is just one of the ways the government is making homeownership more achievable and affordable. Shared Ownership, First Homes and the Mortgage Guarantee Scheme are also supporting many more people into homes of their own.
The latest mortgage guarantee scheme statistics show 12,388 mortgages have been completed since the scheme’s launch in April 2021 to 31 December 2021, with the total value of mortgage loans at £2.2 billion.
Most mortgage completions under the scheme were outside London and the South East (86%) with the highest proportion of property completions in Scotland (24%) and North West (12%).
Please contact us if you would like advice about the legal aspects of buying or selling a home.