Over 350,000 young people and families have been helped into homeownership with Help to Buy since its launch in 2013.
The major milestone was reached as the official Help to Buy statistics were published on 11 May 2022. The statistics show:
355,634 properties have been bought with a Help to Buy: Equity Loan since its launch.
First-time buyers account for 83% of total purchases.
The total value of Help to Buy: Equity Loan stands at £22 billion and the value of the properties sold under the scheme total £99 billion.
The new Help to Buy: Equity Loan for first time buyers started on 1 April 2021 and will continue to help thousands more people to own their home until March 2023.
Purchasers can borrow up to 20% of the cost of a new build (40% in London), funding the balance via a mortgage and repaying the loan when they sell.
Help to Buy is just one of the ways the government is making homeownership more achievable and affordable. Shared Ownership, First Homes and the mortgage guarantee scheme are supporting many more people into homes of their own.
The mortgage guarantee scheme statistics also published on 11 May show 12,388 mortgages have been completed since the scheme’s launch in April 2021 to 31 December 2021, with the total value of mortgage loans at £2.2 billion. The majority of mortgage completions under the scheme were outside London and the South East (86%) with the highest proportion of property completions in Scotland (24%) and North West (12%).
Future homebuyers will see their prospective property bills reduce from 30 June 2022, when the government’s ban on charging ground rent on new leases in England and Wales comes into force. The government is taking action to rid future homeowners of annual costs – known as ground rent. Sometimes worth hundreds of pounds a year, […]
A row of English terraced houses against a blue sky backdrop
Two and a half million tenants renting their homes from housing associations will be given the right to buy them outright, the Prime Minister announced on Thursday 9 June. In a speech, he confirmed an extension of the popular Right to Buy scheme, which has made home ownership a reality for two million households since […]