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48,000 use governments Help to Buy scheme


More than 48,000 people have bought a home through the governments Help to Buy scheme since it started.

The scheme which, was introduced by the government in October 2013, helps consumers buy a home with a deposit of 5% of the purchase price, and the guarantee is provided to the mortgage lender by the government, not the consumer.

According to the figures, from a total of 48,393 Help to Buy completions to date, 82% have been made by first-time buyers, which shows the scheme is successfully targeting consumers who need help getting onto the housing ladder.

The figures show purchases made through Help to Buy have accounted for 6% of all property transactions since the schemes began.
George Osborne, the Chancellor, said: "It's great to see that nearly 40,000 first-time buyers have been helped on to the housing ladder by the Help to Buy scheme.This is a key part of our long-term economic plan, which is supporting hardworking people to secure a better future for their families.”

The scheme is also helping businesses, house builders have welcomed the role that Help to Buy has played in boosting supply. Home Builders Federation Executive Chairman Stewart Baseley said:
“The Help to Buy equity loan scheme is helping thousands of people buy their own home every month.
This increase in demand is allowing builders to significantly increase the number of new homes being built – homes that the country desperately needs.
To enable it to increase housing building rates, the industry is recruiting thousands of apprentices and new employees and boosting supply chains and local economies the length and breadth of the country.

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