The equity loan element of the Government’s Help to Buy scheme has created 46 new homeowners every day since its launch in April 2013, according to figures from the Department for Communities and Local Government (DCLG).
The DCLG’s figures show that around 90 per cent of the 12,875 sales recorded so far were to first-time buyers.
The Help to Buy equity loan scheme allows buyers to purchase a newly-built house with a deposit of at least five per cent. The Government offers a loan of 20 per cent and the rest is covered by a mortgage.
Since Help to Buy equity loans were launched in April 2013:
There have been 810 sales across the 32 London boroughs, accounting for six per cent of overall sales in the capital
The scheme has been most popular in Leeds, with 230 sales
A further 6,446 sales are in progress
More than 22,000 new homes have been reserved through the scheme.
The construction industry is also benefiting from Help to Buy, with leading developers planning to build more in response to the increased demand. Additionally, more than 1,200 housebuilders have registered with the scheme, 94 per cent of which are small and medium-sized businesses.
Housing Minister Kris Hopkins said he was “delighted” with the scheme:
“Through the Help to Buy scheme, we’ve helped thousands of hard-working people realise their dream of becoming homeowners, getting onto the property ladder using this valuable alternative to the Bank of Mum and Dad.
“But the Help to Buy scheme offers more than that: because each home sold is a new-build, we’re also getting Britain building, with workers returning to sites across the country and helping bring housebuilding to its highest levels since 2007.”