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Help to Buy, the UK government’s flagship housing scheme, has helped almost 90,000 people to buy a new home since it was created in 2013, the latest official figures show. Overall, since the launch of the Help to Buy equity loan and mortgage guarantee schemes, some 80% of scheme completions have been made by first time buyers and the average house price was £185,000, significantly below the national average. Some 88,420 people have bought a new home and 94% of Help to Buy completions took place outside of London while over half of Help to Buy completions have been for new build homes. Together with the government’s Help to Buy: New Buy scheme, which offers 95% mortgages for those buying new build properties, the scheme is ensuring the long term health of the housing market by increasing housing supply, stimulating home building. Over half of the homes bought through Help to Buy are new build properties, helping to contribute to the 37% rise in private house building since the launch of Help to Buy. With almost all completions outside London, the highest number of homes have been through the mortgage guarantee scheme in the North West region. The equity loan, the scheme for new build properties, is particularly high in the South East region. Figures for the mortgage guarantee scheme also show completions have been least concentrated in regions where house price growth is highest. In London the scheme makes up just 1.3 % of all mortgage lending compared to an average of 3% across the country. ‘Thanks to Help to Buy, this government has helped thousands of hard working people that otherwise would have been locked out of home ownership get the keys to their own home and enjoy the security that comes with it,’ said Prime Minister David Cameron. According to Home Builders Federation executive chairman, Stewart Baseley, Help to Buy has helped tens of thousands of people onto the housing ladder who otherwise would have struggled to meet their ambition of home ownership. ‘First time buyers in particular are taking advantage and the scheme is helping people in every part of the country. The resultant rise in demand is allowing builders to increase much needed house building levels. This is turn is creating tens of thousands of jobs and boosting local economies the length and breadth of the country,’ he added. Communities Secretary Eric Pickles believes that Help to Buy and the recently announced new Starter Homes initiative offering a 20% discount on newly built homes for first time buyers, will continue to offer a strong alternative to the Bank of Mum and Dad. Continue reading →
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