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Help to Buy transactions hit by the coronavirus

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  • 23/07/2020
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Help to Buy transactions hit by the coronavirus
The number of buyers using the Help to Buy equity loan scheme fell by 2.1 per cent in the year to the end of March 2020, as lockdown dampened activity in the market.

 

There were 51,357 purchases over the 12 months, with first-time buyers accounting for 42,231 of these sales, official data showed.

The data will be affected by the coronavirus pandemic and the lockdown in March, the ministry of housing, communities and local government said alongside publishing the figures.

Since the scheme was launched in 2013, more than 272,000 homes have been bought through Help to Buy.

The total value of equity loans stands at £16bn, with the funds allowing buyers to put down a bigger deposit.

The average purchase price of a property bought under the scheme was £268,553, with buyers using an average equity loan of £58,820.

The scheme is set to change in 2021, with regional price caps limiting the value of homes that can be bought and there are plans to phase Help to Buy out completely in 2023.

Critics had hoped the chancellor would extend Help to Buy in his summer statement, however, he failed to reference the scheme – instead supporting the market by temporarily cutting the stamp duty threshold.

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