Data shows continuing growth of Help to Buy
Published: 4 November 2014 | Author: Bernard Clarke
The number of purchases under the Help to Buy scheme had reached more than 54,000 by the end of the third quarter of this year, according to data published by the Department for Communities and Local Government (DCLG).
Purchases in the first 18 months of the Help to Buy equity loan initiative totalled almost 34,000. The value of properties bought through the scheme totalled £7.14 billion, supported by equity loans worth £1.42 billion. The mean purchase price was £210,000, and 84% of sales were to first-time buyers.
There were also 5,500 sales under the Help to Buy: NewBuy scheme, and 15,000 supported by a Help to Buy mortgage guarantee, bringing the total to 54,000. There have been a further 3.400 purchases in Scotland, Wales and Northern Ireland through the Help to Buy mortgage guarantee scheme.
The average price of a home bought through the mortgage guarantee initiative was £153,000.
Most purchases with a Help to Buy equity loan have been by those on relatively modest incomes, according to DCLG data. Almost half (47.3%) of purchases were by those with a household income of less than £40,000, while more than two-thirds (67.8%) had a household income lower than £50,000.
Commenting on the data, housing minister Brandon Lewis said: "The figures clearly demonstrate the continuing success of the Help to Buy is supporting creditworthy, hard-working people who want to buy a home of their own.”