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Help to Buy enlisted in 53,000 home buys

  • 26/09/2014
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Help to Buy enlisted in 53,000 home buys
Almost 53,000 households have bought a home in England through Help to Buy the housing and planning Minister Brandon Lewis announced today.

The government said over 37,600 households bought new-build homes through the equity loan and NewBuy options, and a further 15,000 though the mortgage guarantee.

A further 3,500 new homeowners have also been created in Scotland, Wales and Northern Ireland through the Help to Buy: Mortgage Guarantee scheme, confirmed the government.

Almost 80% of sales have gone to first-time buyers, with nearly 70% for new-build homes. The direct result is a new generation of homeowners and the sharpest increase in private house building starts for 40 years, it said.

House building has climbed to the highest level since 2007, the construction sector has grown for 16 consecutive months, and companies are now taking on new workers at the fastest rate since 1997.

The most Help to Buy: equity loan supported home sales were in Wiltshire with 557, Leeds with 539 and Central Bedfordshire with 504.

The equity loan part of the scheme is gaining not losing momentum in the 17 months since launch with 32,268 completed sales in the first 17 months, with the majority to first-time buyers.

In June, Help to Buy: equity loan completions soared 19% in one month to 4,357, the highest number yet.

The equity loan is available at up to 20% of the value of a new-build home worth up to £600,000 for all buyers with a 5% deposit.

The mortgage guarantee scheme has supported 18,564 sales under Help to Buy: mortgage guarantee scheme; 15,091 of which were in England.

New Buy, the government’s first new-build support scheme showed no purchases had been made between June and July this year so completion figures remain static at 5,328.

The average price of a Help to Buy supported purchase is £210,000 under the equity loan scheme and £153,000 under the mortgage guarantee.

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