The latest statistics on the uptake of the government’s flagship Help to Buy schemes were published on 9 December 2015. The figures show that over 130,000 homes have been bought since the schemes were first launched in October 2013. This is an increase of over 10,000 homes over the previous quarter.
Some of the headline figures include:
- 80% of scheme completions have been made by first-time buyers, with more expected following the launch of the new Help to Buy ISA on 1 December;
- the average house price was £186,000 (£155,000 for the mortgage guarantee and £218,000 for the equity loan scheme), significantly below the national average of £286,000;
- 94% of Help to Buy completions took place outside of London;
- almost half of Help to Buy completions have been for new-build homes.
- The average house price to income multiple under the mortgage guarantee scheme is capped at a 4.5x ratio to ensure responsible lending.
Commenting on the figures, the Chancellor of the Exchequer George Osborne said:
‘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 house building in Britain, ensuring long-term housing supply and creating jobs.’