Over a third of a million first time buyer properties have been bought via the government’s Help to Buy schemes so far, is has been revealed.
The figure, which is published by Housing Secretary James Brokenshire’s department this morning, also reveal that 1.2 million Help to Buy: ISA accounts have been opened and that 420,100 people have been helped by the schemes so far.
The Ministry of Housing, Communities and Local Government also says that the figures include 169,100 property purchases completed using the equity loan scheme version of Help to Buy.
It offers to lend buyers 20% of the asking price so that, together with their own 5% deposit, they can access a more affordable 75% loan-to-value mortgage.
The government also claims today that its abolition of Stamp Duty for first time buyers will help an extra five million people get on the property ladder over the next five years.
“This government is committed to helping more people get on the housing ladder, restoring the dream of home ownership for a new generation,” says Housing Minister Kit Malthouse.
Malthouse may need more than commitment to secure his reputation for getting homes built. A survey of house building by hybrid agency Emoov published today found that Gavin Barwell has been the most successful of the UK’s seven ministers over the past six years.
During his 11-month tenure in office Barwell oversaw 12,113 new homes built in the UK each month, while the worst was Dominic Rabb. During his short stay at the MHCLG half that number were built each month.
Read more about Help to Buy.