Bedfordshire has emerged as the best region in the UK and Wakefield the best city to purchase a property through the government’s flagship Help to Buy schemes and ISAs, research from Totally Money has found.
The news follows on from a report earlier this week which found that borrowers in Greenwich had emerged as the biggest winners from the Help to Buy equity loan scheme.
The government’s Help to Buy schemes mean that buyers can receive an equity loan of up to 20%, or 40% in London, of the house’s total value, making it possible to purchase a home with just a 5% deposit. The required deposit can then be saved with the help of high interest ISAs.
However, research from credit experts Totally Money has found the highest number of Help to Buy loans was in Central Bedfordshire with 1,710 per capita, and 245 properties successfully bought using a Help to Buy ISA, followed by Chorley in Lancashire where a low average property cost of £182,818.
It also has the lowest average minimum deposit at £9,141 and a relatively high number of equity loans given out making ownership more achievable for residents.
Next was Cheshire West and Cheshire which both scored particularly highly in terms of the number of Help to Buy ISA property completions per capita with 495 residents purchasing homes utilising this scheme.
When it comes to cities Wakefield was the Help to Buy hotspot with one of the highest levels of Help to Buy ISA property completions, helping 610 residents purchase new homes between December 2015 and March 2017.
Next was Hull where a low average property price of £134,452 means that the 5% deposit required is the cheapest of any city at just £6,722, then Salford where 437 residents successfully purchasing homes utilising the Help to Buy ISAs and a good level of equity loans per capita boosting its ranking.
Joe Gardiner, head of brand and communications at TotallyMoney, said: “Getting on the property ladder is increasingly being seen as a dream for many young people. But with the introduction of government Help to Buy schemes, this dream can become a realistic option.
“For those thinking of utilising these schemes, knowing where in the UK is the most help to Buy friendly, and whether your local area is one of these hotspots, is of particular importance to allow buyers to make a responsible financial decision.”