The latest Help to Buy statistics released on 15 December 2016 show that over 220,000 people have been able to buy a home using the government’s Help to Buy products.
The Help to Buy schemes are a central tenant of the government’s commitment to help people into home ownership. Help to Buy schemes include: ISA, Shared Ownership, Mortgage Guarantee, Equity Loan and London Help to Buy.
The statistics also indicate that over 180,000 first time buyer households are now on the housing ladder after using a Help to Buy Scheme, while the average house price across the schemes is £191,000.
The Chancellor of the Exchequer, Philip Hammond, said: “Our Help to Buy schemes are helping hundreds of thousands of people, especially first time buyers, achieve home ownership. We are continuing the popular Equity Loan and ISA schemes to ensure people can access support when buying or saving for a property. We are determined to help make home ownership a reality for hard working people.”
Housing and Planning Minister, Gavin Barwell, said: “As these figures show, this Government is supporting thousands of first time buyers, helping them to get their first step onto the housing ladder. I am delighted to see that the Help to Buy: Equity Loan scheme, in particular, continues to be hugely successful and has now helped a landmark 100,000 households to own their own home.”
As previously announced, the Mortgage Guarantee Scheme will end on 31 December 2016.
More than 100,000 completions have now taken place through the Help to Buy Equity Loan scheme, which offers buyers up to 20% of a newly built home’s costs so they only need to provide a 5% deposit.