New figures show that more people are getting a foot on the property ladder as a result of the government’s Help to Buy scheme.
Housing Minister Brandon Lewis announced on 30 October that Help to Buy initiatives have created over 54,000 homeowners in England, with around eight in ten sales involving first-time buyers.
More than 39,000 households bought new builds through the initative’s equity loan and NewBuy options and 15,000 more through a mortgage guarantee. The number of homebuyers assisted through the scheme has risen by 14,000 since figures were last released at the end of July.
Mr Lewis said: “Over 54,000 new homeowners have now used the schemes…enabling them to buy with a fraction of the deposit they would normally require.”
Help to Buy equity loans are available to first time buyers and home movers with a deposit of at least five per cent of the value of new build homes with a purchase price of up to £600,000. Mortgage guarantees of up to 15 per cent are available on new build and older homes worth up to £600,000, where the buyer is contributing at least 5 per cent of the property price as a deposit.
Clare Butcher, an associate solicitor at Palmers specialising in residential property, said: “These latest Help to Buy figures suggest that the scheme is making a real difference to first-time buyers who might have otherwise have struggled to get a foot on the property ladder or people who wanted to move house but were unable to finance the higher mortgage deposits now required by lenders.
“The Palmers residential property team is experienced in Help to Buy purchases and can provide expert advice and support to assist first time buyers and home movers. For more information, please contact our Property team.”