The Department of Communities and Local Government (DCLG) report that almost 40,000 homes have been bought through Help to Buy.
Announcing these figures Housing and Planning Minister Brandon Lewis said the new figures published show how the scheme is boosting the supply of new homes, with over 32,500 households buying new build homes through the equity loan and NewBuy options, with a further 7,300 sales though the mortgage guarantee.
Mr Lewis said the figures were further evidence that Help to Buy was doing exactly what it was designed to achieve: providing assistance to hard-working families while expanding and accelerating the supply of new homes.
Over 80% of these sales went to first time buyers and have been for new build homes. The direct result is a new generation of homeowners and a 34% increase in private house-building during the first year of the scheme.
According to the Government’s own figures House building has now climbed to the highest level since 2007, while developers have pledged to use the momentum created by Help to Buy to continue increasing their output.
The construction sector has grown for 14 consecutive months, and companies are now taking on new workers at the fastest rate for 17 years.
Mr Lewis said “the government had expanded the range of available data about Help to Buy. These new figures include, for the first time, sales data broken down by postcode and constituency, so communities, builders and businesses can see exactly how the scheme is benefiting their area.”
The highest number of equity loan sales were in Wiltshire with 469, Leeds with 457 and Central Bedfordshire with 427
Milton Keynes, Peterborough, Bradford, Manchester, Country Durham, Bedford, and Birmingham have all achieved over 300 sales
The average price of a home is far below the national average: £208,000 under the equity loan and £151,000 under the mortgage guarantee.©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law, always seek professional advice.