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Help to Buy 1 helps 12,875 into homes

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29/01/2014
The Help to Buy equity loan scheme has enabled the purchase of 12,875 new homes in its first nine months.

According to the Department of Communities and Local Government, buyers in Leeds secured the most homes under the scheme at 230, followed by Wiltshire at 224 and Central Bedfordshire at 197 while Havering came top of the London boroughs with 80 purchases.

The Help to Buy government equity loan scheme offers buyers a 20% equity loan, interest-free for five years, to add to the borrower’s 5% deposit which helps them buy a new build property from a participating house builder worth up to £600,000.

In December, housebuilder Bellway reported that borrowers using the Help to Buy equity loan scheme accounted for just under a third of its reservations in the Autumn.

Andy Frankish, new homes director at Mortgage Advice Bureau (MAB), said:

“Today’s figures show Help to Buy equity loans were top of many aspiring buyers’ wish lists on the run-up to Christmas. With almost 13,000 completions on the board, it bodes well that that the majority came in the final three months of 2013.

“Help to Buy equity loans have thrown the doors to the new build market wide open. Just as importantly, they have transformed the outlook for the construction industry. Growing consumer demand has given the green light to get Britain building again. A housing shortage still persists, but the tide has clearly turned. Help to Buy has sparked developers into action and we can expect the supply of residential properties to keep on growing at long last.”

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