350,000 households supported by Help to Buy
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%).