July 23 2014 Latest news:
Thursday, January 30, 2014
National: Almost 13,000 home buyers have used the first phase of the Government’s flagship Help to Buy scheme to purchase a new-build property in its first nine months.
Figures released by the Department for Communities and Local Government (DCLG) showed there have been 12,875 sales of newly-built properties through the Help to Buy equity loan scheme in England since its launch, with a further 6,446 sales in the pipeline.
The Government said the equity loan scheme has created 46 new home owners every day since its launch.
The Help to Buy equity loan scheme enables first-time buyers and home movers to buy a newly-built home with a deposit of at least 5% of the property price, while the Government offers a loan of up to 20% and the rest is covered by a mortgage.
The figures for the first phase of Help to Buy cover England only, with other nations within the UK launching their own versions of the scheme.
The DCLG said Leeds is the top hotspot for Help to Buy sales using the equity loan scheme, with Wiltshire, Central Bedfordshire, Milton Keynes and Manchester completing the top five areas.
A second phase of Help to Buy, covering the whole of the UK, was launched in October and offers state-backed mortgages to people with 5% deposits who want to buy a new-build or an existing home.
Housing minister Kris Hopkins said: “I’m delighted that 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.”