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Help to Buy homes reach 700 in Greater Manchester

More than 700 homes in Greater Manchester have been bought through the government’s Help to Buy equity loan scheme, according to the latest figures.

Under the initiative, the government lends up to 20% of the cost of new-build homes, so people only need a 5% cash deposit and a 75% mortgage to make up the rest.

A total of 707 homes have been sold in Greater Manchester in the first 11 months of the scheme, with Manchester and Wigan seeing the highest number of sales at 205 and 108 respectively.

Across the country, 28,000 households are buying newly-built homes through the scheme, with 16,465 sales completed so far.

Housing Minister Kris Hopkins said: “Help to Buy was introduced for the benefit of the whole country, because this government is determined to ensure that anyone who works hard and wants to buy their own home should have the chance to do so.

“So I’m really pleased to see how people are voting with their feet and using the Help to Buy: Equity Loan to get a foothold on the property ladder.

“The scheme has proved itself a valuable alternative to the Bank of Mum and Dad, and since each home sold is new-build, the Equity Loan is also getting the country building again and creating exciting and rewarding career opportunities for local people.”

This was posted in Bdaily's Members' News section by Graham Vincent .