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71,000 benefit from Help to Buy scheme


The government run Help to Buy scheme has helped 71,000 people across the UK buy a new home, according to official statistics.

Help to Buy is a government run scheme that means people can move home with a deposit as low as 5%. It was brought in to help hard working people who can afford a mortgage, but may struggle to save the high percentage deposits required by mortgage providers. Together with the government’s NewBuy scheme, which offers 95% mortgages for those buying new-build properties, the number of new home owners has reached more than 71,000.
81% of Help to Buy sales are to first time buyers, with the vast majority of sales coming from outside of London and at prices well below the national average.

The average house price for the combined schemes at £186,000, or £156,000 for mortgage guarantee and £211,000 under the equity loan scheme. There are all well below the UK average house price of £273,000.
Chancellor George Osborne said:

"This government’s long-term economic plan is all about supporting hard-working taxpayers achieve their goals – and for many, their biggest goal is owning their own home.

"That’s why this government created Help to Buy, which has helped over 71,000 people across the country buy their new home, the vast majority of whom are first-time buyers. It’s also helping to get Britain building again: housing starts soared by 23% last year, reaching their highest level since the economic crisis. Help to Buy is good for homebuyers, it’s good for the construction industry, and it’s great for the economy.”

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