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Homes bought under Help to Buy higher by 61 per cent in Q1

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  • 13/08/2021
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Homes bought under Help to Buy higher by 61 per cent in Q1
The number of properties purchased using Help to Buy was up 61 per cent in the first quarter of the year compared to Q1 2020.

 

The number of homes bought was 15,341, supported by £1.16bn in equity loans. Of the purchasers, 81 per cent were first-time buyers, with their borrowing amounting to £941m in equity loans. 

The total purchase value of all properties bought was £5.1bn.

However, despite a rise in completions year-on-year, the number of purchases had dropped 27 per cent compared to Q4 2020, the data from the Ministry of Housing, Communities and Local Government (MHCLG) showed.

MHCLG said the dip in completions was to be expected owing to seasonal variations in the new-build market. 

Compared to pre-pandemic levels, Help to Buy completions in England were up by 48 per cent in Q1 this year in contrast to the first quarter of 2019. 

In the year to 31 March 2021, 55,649 homes were bought under the scheme, up on 51,375 completions the previous year.

The total purchase value was £17.8bn for properties bought in the 2020-21 year, up from £15.6bn in 2019-20.

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