Legal News

The Department for Communities and Local Government (DCLG) has said that more than 259,000 people have already bought a home using one of the government’s flagship Help to Buy schemes with more than 868,000 opening a Help to buy: ISA.

New figures show that more than 259,000 completions have taken place using one or more of the Help to Buy schemes and the majority of these involve first-time buyers.

More than 215,000 first-time buyers (84% of total completions) are now on the housing ladder thanks to Help to Buy, with the average house price across the scheme being £192,854 below the national average of £220,000.

Chancellor of the Exchequer Philip Hammond said:

“This government is committed to helping working people get on the housing ladder – 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.”

Housing and Planning Minister Gavin Barwell added:

“As our Housing White Paper sets out, we’re committed to helping more people find a home of their own with the support of a range of low-cost home ownership products.

“Our Help to Buy: Equity Loan scheme continues to make home ownership a reality for thousands of people – especially first-time buyers – right across the country.”

More than 112,000 completions have now taken place through the Help to Buy Equity Loan scheme, which offers buyers up to 20% of a newly built home’s costs, with 40% of the costs in London, so homebuyers only need to provide a 5% deposit.

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.

Executive chairman of the Home Builders Federation, Stewart Baseley, said:

“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.”

Duncan Lewis Housing Solicitors

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