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Help to Buy props up 131 homebuyers each day

by: Mortgage Solutions
  • 18/06/2015
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Help to Buy props up 131 homebuyers each day

Government figures suggest Help to Buy schemes have created 131 new homeowners every day since April 2013.

Over 100,000 people have used the schemes since launch, said Housing Minister Brandon Lewis.

These include the Help to Buy equity loan, mortgage guarantee and NewBuy schemes, with first-time buyers making four out of the five users since launch.

Since 2010, over 225,000 households have been helped to buy and reserve a new home through government-backed schemes, added the government.

Housing Minister Brandon Lewis said: “Today’s figures clearly show the continuing success of the Help to Buy scheme in supporting many credit-worthy, hardworking people who want to buy their own home.”

Stewart Baseley, executive chairman of the Home Builders Federation said: “Help to Buy continues to drive demand for new homes, and its extension to 2020 is a huge boost. That demand is being met by the house building industry which is increasing output at the highest rate for decades.”

The average price of homes under the scheme is £213,954, well below the £271,000 UK average. Of those, 94% of the sales were outside of London.

The ares using the schemes the most are Leeds top with 1477 sales, Birmingham second with 1301, followed by Wiltshire, County Durham and Bedfordshire.

The government also plans to provide new Starter Homes, which will be available at a 20% discount to young first-time buyers under 40.

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