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29/09/2016

185,000 people buy home using Help to Buy

The Help to Buy ISA scheme has helped over 185,000 people onto the housing ladder, according to recent quarterly government statistics.

The figures don’t cover Help to Buy: mortgage guarantee or the Help to Buy: Equity Loan scheme.

The Help to Buy ISA scheme was launched on 1 December last year, with accounts available through banks and building societies. It aims to enable people saving for their first home to receive a 25 per cent boost to their savings from the government when they buy a property of £250,000 or less, or £450,000 in London.

According to the statistics, over 185,000 completions have taken place under the scheme, with 150,000 of these households being first time buyers. The average house price for purchases with the support of the scheme is £191,000. 95 per cent of Help to Buy completions have taken place outside of London.

More than 650,000 people have opened accounts for the scheme since it launched, the government said.

Housing and planning minister, Gavin Barwell, said: “Today’s figures show that Help to Buy is helping more people realise their home ownership dream, by reducing the need for large deposits and getting more new homes built.

“With hundreds of households helped everyday through our range of government-backed schemes, we are building a country that works for everyone and not just the privileged few.”

The statistics can be found here (pdf).

Image credit | Shuttershock

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