Help to Buy drives 130,000 completions
The Help to Buy Equity Loan and Mortgage Guarantee schemes have assisted 130,000 mortgages since they were launched in 2013.
Four in five (80%) adopters of the schemes were first-time buyers. So far 94% of Help to Buy completions have taken place outside London with an average house price of £186,000.
The government’s Help to Buy ISA, which will provide a bonus of up to £3,000 to a first-time buyer’s deposit, launched this month. On 25 November in the Autumn Statement the Chancellor announced the launch of a London iteration of the Help to Buy scheme with a 40% equity loan.
Critics of the Help to Buy schemes accuse them of artificially inflating house prices.
Osborne said: “This government is committed to helping people achieve the aspiration of buying their own home, and our Help to Buy schemes have now helped 130,000 across the UK do just that.
“Supporting people who want to work hard, save and buy their own home is a key part of our long-term plan to provide economic security for working people at every stage of their life, across the UK.
“Help to Buy is also boosting the nation’s economic security by driving an increase in housebuilding in Britain, ensuring long-term housing supply and creating jobs.”