New research has found that 43% of new homes built under the Help to Buy: equity loan scheme since 2013 would have not been built without introduction of the scheme.
The government report, Evaluation of the Help to Buy equity loan scheme also found that 82% of buyers under Help to Buy: equity loan would not have been able to purchase their home without the scheme helping them meet their ownership aspirations.
Housing Minister Brandon Lewis said: “Anyone who works hard and aspires to own their own home should have the opportunity to do so and this report shows how the government’s Help to Buy scheme continues to turn those dreams into a reality. We’ve got the country building again and seen the number of new homes increase by 25% in the last year alone with thousands of people across the country helped by the scheme.”
The research found that the average price of homes under the scheme is £212,000, £55,000 below the UK average of £267,000 and that it has brought down the average deposit needed.
The report indicates that builders have seen improved confidence in the market because of the scheme and that it has encouraged more lenders to enter the market.
