Since 2010, ‘invaluable’ scheme has helped hundreds of thousands get on the property ladder
The government’s Help to Buy scheme has enabled more than 400,000 first time buyers to purchase a property since the scheme was first introduced eight years ago, according to official figures.
A total of 402,000 first time property completions have taken place since 2010, with more than 458,000 completions in total benefiting from the Help to Buy scheme.
In addition to the main scheme, more than 1.2 million Help to Buy ISAs have now been opened across the country since their introduction in December 2015.
Across the UK, the average price of a property purchased through the scheme is £201,881, with more than 93% of the completions taking place outside of the London property market and the majority taking place across the North West and Yorkshire & the Humber.
The government anticipates that Help to Buy will have assisted in the purchase of more than 360,000 properties by the end of the first quarter in 2021, totalling a projected investment of circa £22 billion.
Housing Secretary, James Brokenshire, said: “It’s great news since 2010 we have helped over half a million people get on the housing ladder, through programmes such as Help to Buy. We are determined to do more, which is why we have dedicated over £44 billion of investment to help deliver the homes communities need.”
News of significant uptake has been largely welcomed by the property industry with Kate Davies, executive director of Intermediary Mortgage Lenders Association (IMLA), highlighting that: ‘Help to Buy will remain invaluable in supporting home buyers in the next decade.’
The publication of the Help to Buy figures follows that announcement that more than 180,500 first time buyers also benefited from Stamp Duty Tax Relief in Q3 2018.