More than a million people have now taken advantage of the government’s Help to Buy schemes since their launch in 2013.
The latest figures from HM Treasury reveal more than 259,000 property purchase completions have taken place using one or more of the schemes, which enable borrowers to take out equity loans or Isas to assist with the purchase of a property.
In 2016 the north-west saw the highest proportion of completions using Help to Buy (14 per cent), followed by Yorkshire and the Humber (11 per cent) and the South West (10 per cent).
Some 868,240 people have now opened Help to Buy: ISAs, which offer government bonuses of up to £3,000 for those buying their first home.
The statistics also show that more than 215,000 (84 per cent of total completions) first-time buyers are now on the housing ladder thanks to Help to Buy.
Philip Hammond, chancellor of the exchequer said: “This government is committed to helping working people get on the housing ladder.
“Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first time buyers.”
John Earnshaw, an independent financial adviser in Poulton-Le-Fylde, Lancashire, commented: “It has been a brilliant scheme. It has given a big boost to the new-build market for sure, because someone can buy with a 5 per cent deposit and have a mortgage rate reflective of a 75 per cent deal.
“It has really helped first-time buyers in our area, because you can get 4-bed semi for £250,000, so you only need 12,500, and that can be a home for life – and the mortgage payment is very affordable.”
simon.allin@ft.com
