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Over 400,000 first-time buyers have used the Help to Buy scheme

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The Government scheme enables borrowers to take a mortgage with just a 5% deposit
Over 400,000 first-time buyers have used the Help to Buy scheme

Over 400,000 people have been able to buy their first home using the Government’s Help to Buy schemes.

In total, over 458,000 completions have taken place overall using one or more of the Help to Buy schemes – 402,000 of which were for first-time buyers.

Figures also showed that the average house price purchased through the scheme is £201,881 and the vast majority (over 93%) of Help to Buy completions have taken place outside of London.

Savings bonus

Aspiring first-time buyers have now opened 1.2 million Help to Buy: ISAs, which offer government bonuses of up to £3,000 on top of their savings.

John Glen, Economic Secretary to the Treasury said: “We want to help as many people as possible experience the fantastic feeling of pride you get when you collect the keys to your first home. That’s why we offer the special Help to Buy: ISA for them to save, cut their Stamp Duty, and introduced a new Help to Buy Equity Loan to run until March 2023.”

James Brokenshire, Communities Secretary, added: “I am committed to making the housing market work for everyone and restore the dream of home ownership for a new generation.

“It’s great news that since 2010 we have helped over half a million people get on the housing ladder, through programmes such as Help to Buy.”

By March 2021, the government expects to have invested around £22bn in the Help to Buy Equity Loan scheme, supporting up to 360,000 households into homeownership.

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