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More than 17,000 snap up homes under Help to Buy

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More than 17,000 people have bought a new home using the government's Help to Buy scheme, figures have revealed.
More than 17,000 snap up homes under Help to Buy

The vast majority (88%) of the 17,395 were first-time buyers.

The figures were released days after the government announced it was to extend the Help to Buy equity loan, the part of the scheme for new build homes, until March 2020 with a further £6bn to help 120 000 more households buy a new build home.

Prime Minister David Cameron said: “Help to Buy is a key part of our long term economic plan, giving thousands more people the security and independence that comes from owning their own home.”

Most people used the equity loan arm of the scheme to buy a property (14,823), while 2,572 bought a home using the mortgage guarantee element.

Some 77% who used an equity loan were from outside London and the South East.

In a statement from Lloyds Banking Group Stephen Noakes, mortgage director, said the group accounted for 58% of the Help to Buy equity loan market.

And he revealed LBG has completed over 1,400 Help to Buy mortgage guarantee applications to date, worth £740.4m.

The average value of properties bought under the scheme was £146,000 with 85% of cases originating from first-time buyers.

Eight in ten properties purchases under the mortgage guarantee scheme with LBG were located outside London and the South East.

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