30th October 2014
The Government’s controversial Help to Buy scheme has helped create more than 54,000 new homeowners in England according to the latest official figures.
In the first 18 months of the initiative where the Government lends would-be homeowners up to 20% of the cost once buyers have a 5% deposit, Housing Minister Brandon Lewis said the figures show that over 39,000 households bought new-built properties through the equity loan and NewBuy options, and a further 15,000 households purchased through the mortgage guarantee plan.
A further 3,400 new homeowners have been created in Scotland, Wales and Northern Ireland through the Help to Buy: mortgage guarantee.
Around eight out of 10 sales went to first time buyers and as a direct result thousands of new homeowners were created and private house building starts rose by a third asserted Lewis.
He added that house building has climbed to the highest level since 2007, construction output has seen the sharpest expansion for eight months, and companies are now taking on workers at the fastest rate since 1997.
Lewis said: “Today’s figures clearly demonstrate the continuing success of the Help to Buy in supporting creditworthy, hardworking people who want to buy a home of their own.
“Over 54,000 new homeowners have now used the schemes as a valuable alternative to the Bank of Mum and Dad, enabling them to buy with a fraction of the deposit they would normally require. But it’s also got Britain building and since the scheme’s launch private house building starts has increased by a third.”