More than 169,100 property purchases have taken place through the Help to Buy Equity Loan scheme, according to the latest government figures.
The scheme, which was introduced five years ago, offers buyers up to 20% of a newly built home’s costs so they only need to provide a 5% deposit.
Kit Malthouse MP, Minister of State for Housing, said: “This government is committed to helping more people get on the housing ladder, restoring the dream of home ownership for a new generation. Our Help To Buy: Equity Loan scheme has made this a reality for tens of thousands of households across the country, helping almost 170k households purchase their home.”
Commenting on the new statistics, Stewart Baseley, Executive Chairman of the Home Builders Federation said: “Help to Buy continues to make a huge contribution to housing delivery. By underpinning demand for new build homes, house builders are investing with confidence in new sites and employing more people to build tomorrow’s homes. The phenomenal increases in supply we have seen over the past five years would not have been possible without a scheme that has turned the dream of home ownership into a reality for so many. As the current expiry date for the scheme fast approaches, we are keen to continue working with policymakers to ensure that these benefits are sustained in some way beyond 2021 and bring much needed clarity for builders.”
According to the HBF’s statistics, 40% of all homes purchased with support from Help to Buy have been bought for less than £200,000. 75% of buyers paid less than £350,000.