Wakefield in West Yorkshire is England’s biggest Help to Buy hotspot according to the latest data by Zoopla.
By analysing the data of Zoopla’s new Help to Buy calculator, it was found that Wakefield, Wiltshire and County Durham took the top three spots in the number of equity loans that have been secured, where the average house price for a new home standing at £221,740, £333,760 and £196,783 in each area respectively.
In the 12 months to Q2 2019, the borough of Tower Hamlets saw the most Help to Buy loans in London, followed by Barnet.
The borough of Waltham Forest saw the biggest increase in the number of Help to Buy loans being secured (241.3%).
Havant in Hampshire saw the biggest decrease in Help to Buy loans (-72%).
Alex Rose, director of new homes at Zoopla, said: “Whilst it might be presumed that first-time buyers only use Help to Buy in markets with stretched affordability such as London, our analysis shows that its popularity spans the entire country.
“Without doubt, the scheme has unlocked home ownership for many first-time buyers across England and, in some instances, has enabled them to access larger properties – in effect skipping that first rung on the property ladder and going straight to the second step.
“In addition, Zoopla’s new calculator enables those who are actively considering using Help to Buy both to understand the process and their own affordability before searching for their ideal home.”
By entering their household income, preferred mortgage term and interest rate Zoopla’s Help to Buy calculator allows first-time buyers to work out how much is required for the 5% deposit.