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48,000 people have bought a home through Help-To-Buy says government

According to the government, more than 48k people have bought a home through the Help-To-Buy scheme, with 82% of scheme completions have been made by first-time buyers.

The average house price was £187,000, significantly below the national average.

94% of Help to Buy completions reportedly took place outside of London and postcode data shows that the top ten hotspots are spread across the country including Chorley and Kingston-Upon-Hull.

According to the government, this demonstrates that while Help to Buy continues to account for only a small percentage of overall mortgage transactions (2.5% for mortgage guarantee), the scheme successfully targets those who need a helping hand to get on the housing ladder.

While Help to Buy completions have been least concentrated in areas where house price growth has been highest, the highest number of mortgage guarantee scheme completions according to the figures released yesterday has been in the North West, and the highest number of equity loan scheme sales has been in the South East.

The Chancellor said: “Help to Buy is working exactly as we intended. It’s helping first time buyers onto the housing ladder.

“It’s a key part of our long term economic plan, which is supporting hard working people to secure a better future for their families.

“Importantly, Help to Buy is also driving a big increase in house building in Britain, boosting the construction industry and increasing housing supply.”

This was posted in Bdaily's Members' News section by Clare Burnett .