Help to Buy’s equity loan and mortgage guarantee schemes have helped nearly 120,000 people buy a home, according to government figures.
Since the launch of the Help to Buy equity loan and mortgage guarantee schemes some 80 per cent of scheme completions have been made by first-time buyers.
The average purchase price was £186,000, so below the national average, with 95 per cent of Help to Buy completions taking place outside of London. Half of all purchases under the scheme have been of new-build apartments or houses.
Figures for the mortgage guarantee scheme show completions have been least concentrated in regions where house price growth is highest. In London the scheme makes up one per cent of all mortgage lending compared to an average of three per cent across the UK.
Together with the government’s Help to Buy NewBuy scheme – which offered 95 per cent mortgages for those buying new-build properties – the number of new home owners has reached over 118,000.
The government says first time buyers will have a further boost from the Help To Buy ISA scheme which will run from December 1. Under this scheme, first time buyers can save up to £200 a month towards their first home and the government will boost their savings by 25 per cent, up to £3,000. Six major lenders have signed up,
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Sure these schemes are helping first time buyers now, but as a result the demand for property is just continuing to rise. They really should be focusing on lending less and building more affordable properties.
Help to By provides a fantastic opportunity for first-time buyers to get a foot on the property ladder, easing some of the pressure off of an already heaving PRS. Yes they do need to focus on the building of more affordable properties, but this is definitely a step in the right direction.
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