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130,000 Help to buy completions to date

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Fri 18 Dec 2015

130,000 Help to buy completions to date

 

The Help to Buy Equity Loan and Mortgage Guarantee schemes have assisted 130,000 mortgages since their launch in 2013.

80% of the adopters of the schemes were first-time buyers. So far 94% of Help to buy completions have taken place outside London with an average house price of £186,000.

The government's Help to buy ISA, which will provide a bonus of up to £3,000 to a first-time buyer's deposit, launched this month. On 25 November in the Autumn Statement the Chancellor announced the launch of a London iteration of the Help to buy scheme with a 40% equity loan.

Critics of the Help to buy schemes accuse them of artificially inflating house prices.

Osborne said: "This government is committed to helping people achieve the aspiration of buying their own home, and our Help to Buy schemes have now helped 130,000 across the UK do just that.

"The stronger economy and financial system means we expect banks to start to exit our Help to Buy Mortgage Guarantee scheme, which was introduced in times of financial distress and is due to come to an end.

"Supporting people who want to work hard, save and buy their own home is a key part of our long-term plan to provide economic security for working people at every stage of their life, across the UK. Help to buy is also boosting the nation's economic security by driving an increase in house building in Britain, ensuring long-term housing supply and creating jobs."