More than 100,000 homes throughout the UK have now been bought through the Help to Buy schemes, according to the latest government figures.
Eight out of ten of these homes went to first time buyers at an average cost of £184,000. More than 90% of the purchases were outside London, and more than 50% of them were new-build homes.
Help to Buy has various options that enable buyers to get a new home with only a 5% deposit. The government provides a loan or guarantee for a further 20%, making a total deposit of 25%.
Potential homebuyers will get another boost in the autumn with the introduction of Help to Buy ISAs. Under this scheme, first time buyers can save up to £200 a month towards their first home and the government will boost their savings by 25%, or £50 for every £200, up to a £3,000 bonus.
Chancellor of the Exchequer George Osborne welcomed the news that more than 100,000 homes had been bought using Help to Buy and said: “It’s also boosting the economy more widely by driving an increase in house building in Britain, ensuring long-term housing supply and creating jobs.
“That’s why I committed £6billion to extend Help to Buy to at least 2020, giving developers certainty so they can plan for future Help to Buy housing schemes and continue to boost housing supply.”
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This article is not intended to be a definitive analysis of current law and professional legal advice should always be taken before pursuing any course of action.