Help to buy creates 35,000 new homeowners
Published by Max Salsbury for 24dash.com in Housing and also in Central Government
For Sale Signs
Over 35,000 homeowners have been helped onto the property ladder through one of the government’s help to buy schemes, Housing Minister Kris Hopkins has announced.
New figures show that since the launch of the scheme 14 months ago, 22,831 people have bought newly-built homes through help to buy: equity loan.
There have also been 7,313 sales through help to buy: mortgage guarantee and 5,173 sales through help to buy: newbuy scheme.
Since the launch of the scheme, the government says that housebuilding is up a third compared to last year and at its highest level since 2007, while 216,000 planning permissions were granted in the last 12 months.
Recent estimates show that help to buy accounts for just 3% of overall house sales.
Nationally, 86% of help to buy: equity loan sales were to first-time buyers, while the average house price under the scheme was £206,084 – far lower than the £252,000 average house price.
The vast majority of help to buy: equity loan sales – 94% – are outside London.
Overall, the highest numbers of help to buy sales are in:
· Leeds with 580.
· Wiltshire with 506.
· Central Bedfordshire with 458.
· Milton Keynes with 417.
· Peterborough with 379.
Kris Hopkins said: “In 2010 we inherited a broken housing market, where hard-working people who could afford a mortgage were locked out of home ownership because they couldn’t get the deposit together.
“Help to buy is changing that – to date, this scheme has enabled 35,000 people buy their own place with a fraction of the deposit they would normally require.
“And with housebuilding up a third over the past year, it’s clearly having a wider impact, getting workers back on construction sites and building the homes communities want and need.”