The Government’s latest figures for the Help to Buy: Equity Loan scheme were released on 9 September. They cover the 27 months from the launch of the scheme on 1 April 2013 to the end of June 2015. (The next figures up to 30 September 2015 will be issued in December.)
The latest figures show:
- in the first 27 months (to end June 2015), 56,402 properties were bought (legal completions) with the support of the Help to Buy: equity loan scheme
- the majority of sales with support from Help to Buy: equity loan scheme were to first-time buyers, accounting for 46,113 (82%) of total purchases
- the average (mean) purchase price of a property bought under the Help to Buy: equity loan scheme was £216,030 compared with a mean equity loan of £42,9924
- the total value of these equity loans was £2.42 billion,with the value of the properties sold under the scheme totalling £12.18 billion.
- the top 6 local authorities in terms of completed sales are Wiltshire (990), Leeds (911), Central Bedfordshire (893), Peterborough (740), County Durham (726) and Milton Keynes (724)
There are three elements to the Help to Buy scheme:
- equity loan
- mortgage guarantee
Collectively, since the launch of the schemes and up to 30 June 2015, 118,520 homes have been purchased using one or other of the schemes.
Eligibility for Help to Buy : Equity Loan in England
- first-time buyers or existing homeowners are eligible
- all new-builds from participating builders up to a value of £600,000
- the property must be your only property and you must live in it yourself
- no fees are payable on the equity loan for the first 5 years then interest is charged on the Government loan from the 6th year onwards
- not available on part exchange purchases
- the equity loan must be repaid after 25 years or earlier if you sell the home.
Find out more here
There are Help to Buy Schemes across the UK, find out more at the links below:
> Details of the Help to Buy (Scotland) scheme
> Details of the Help to Buy – Wales scheme
> TheNorthern Ireland Housing Executive offers similar schemes, details here