Three years of Help to Buy – the figures

Industry News,New Homes

Three years of Help to Buy – the figures

by on Thursday 30 June, 2016 in Industry News,New Homes


The Department for Local Government and Communities has just released figures of the Help to Buy: equity loan scheme from its launch on 1 April 2013 until 31 March 2016. For the first time, figures on the London Help to Buy scheme and the Help to Buy: ISA have also been published.

Number of households supported

In total, 81,014 properties have been bought with the support of the Help to Buy: equity loan scheme from 1 April 2013 until 31 March this year.

Value of homes purchased under the scheme

The average price of homes under the equity loan scheme is £222,830. This is a slight increase from the average price in December 2015, which was £220,825.

Who is benefitting and where

81% of purchasers buying through the equity loan scheme are first-time buyers (65,474).

In terms of completed sales, the top six towns and cities that have benefited from the scheme since April 2013 are:

Wiltshire – 1,355 sales (+73 since December 2015)

Leeds – 1,235 sales (+90)

Central Bedfordshire – 1,177 sales (+66)

County Durham – 1,081 sales (+97)

Wakefield – 1,000 sales (replaces Peterborough in 5th place)

Bedford – 995 sales (replaces Milton Keynes in 6th place)

London Help to Buy

Launched in February this year, the London Help to Buy scheme supports purchases of new build homes in the capital by offering a 5% deposit backed by an equity loan of up to 40% from the Government. Between 1 February 2016 and 31 March 2016, there were 256 completions using the London Help to Buy equity loan.

Help to Buy: ISA

Over half a million people opened a Help to Buy: ISA from its launch in December 2015 until 31 March this year with 1,490 property completions having been supported through the scheme in the same period. The highest proportion of property completions with the support of the scheme is in the North West and Yorkshire and the Humber, with a lower proportion in London and the South East.

Reaction

Peter Andrew, Deputy Chairman at the HBF, said:

“Help to Buy continues to help thousands of people a month get a foot on the housing ladder and with interest rates expected to remain at historic low levels, demand for new build homes remains extremely strong… Home builders remain committed to growing their businesses such that they can deliver the further increases in supply the country desperately needs.”

> Full DCLG statistics here

 

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help to buy, new homes,

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