Over a million have used Government Help to Buy schemes
More than one million people have used a government Help to Buy scheme, including 868,240 who have opened a Help to Buy: ISA, and 259,000 buying a home using one of the schemes.
Of those who have bought a home using Help to Buy, the majority (84%) are first-time buyers. The average house price across the schemes is £192,854, which is below the national average of £220,000.
The North West, Yorkshire and The Humber, and the South West have seen the highest number of property completions using the Help to Buy: ISA.
In total, 45,098 completions have taken place across the UK using the ISA bonus since its launch in December 2015.
In the capital 2,381 buyers across 31 boroughs also benefited from the London Help to Buy scheme between 1 February 2016 and to 31 December 2016.
How the schemes work
The Government provides support via three schemes:
The Help to Buy: ISA is specifically for first-time buyers. For every £200 you save, the government will provide a bonus of £50. The maximum bonus you can receive on completion of a property purchase is £3,000.
The Help to Buy Equity Loan scheme offers buyers up to 20% of the cost of a new build home so they only need to provide a 5% deposit. It is open to both first-time buyers and those looking to step up the housing ladder.
The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It is open to both first-time buyers and those looking to step up the housing ladder.
Philip Hammond, Chancellor of the Exchequer said: “Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first-time buyers.”
Home Builders Federation Executive Chairman Stewart Baseley added: “Help to Buy is absolutely central to the big increases in housing supply we have seen over the past few years.
“Helping people who otherwise would not be able to purchase a home provides the confidence builders need to invest in recruiting and training new staff to ramp up production and bring forward new sites.”