Half the homes being purchased through Help to Buy are new build homes, the latest government figures reveal.
The scheme, created in 2013 to help people afford a new home, has helped nearly 120,000 people buy a property, according to the government’s figures. It notes that the average house price was £186,000 with 95% of completions taking place outside of London. 80% of scheme completions have been made by first-time buyers.
Further help for first-time buyers is expected later this year with the launch of the Help to Buy ISA in December. Under this scheme, first time buyers can save up to £200 a month towards their first home and the government will boost their savings by 25%, or £50 for every £200, up to a £3,000 bonus.
Chancellor of the Exchequer George Osborne said: “Supporting people who want to work hard, save and buy their own home is a key part of our long term plan to provide economic security for working people at every stage of their life, across the UK. Help to Buy is also boosting the nation’s economic security by driving an increase in house building in Britain, ensuring long-term housing supply and creating jobs.”
Home Builders Federation Executive Chairman Stewart Baseley said: “Help to Buy continues to drive demand for new build homes. Its success is allowing builders to increase the number of homes being built and provide much needed, high quality housing. Delivering much needed homes also creates jobs, boosts local economies, and provides improved infrastructure and amenities for new and existing communities.”