Figures released by Department for Communities and Local Government show that over 1,000 sales have already been completed using the scheme.
Housing Minister Mark Prisk said that the scheme, announced in the Budget in March before launching on April 1, had ‘captured the public’s imagination’. The scheme passed the 4,000 reservations mark at the start of June, nearly 3,000 reservations have been made in the weeks since.
Prisk (pictured) said: “With almost 7,000 reservations in three months, it’s crystal clear that the Help to Buy equity loan has captured the public’s imagination and is getting Britain building again, which will help achieve a long-term, stable housing market.
“So any credit-worthy buyer, whether a first-time buyer or someone looking to move up the property ladder, should contact their local Help to Buy agent and see if they could benefit from the scheme.”
The second stage of the Help to Buy scheme, the mortgage guarantee, will launch on January 1 2014. Earlier today Mortgage Solutions reported that conversations between lenders and the government were stalling over the level of fees that must be paid to take part in the scheme.
