Over 35,000 aspiring homeowners – 3,497 of them in the East Midlands - have been helped onto the property ladder through one of the Government’s Help to Buy schemes, Kris Hopkins announced today.
The Minister welcomed the key role this scheme is playing in the Government’s long-term economic plan, both helping people buy their own home but also boosting housebuilding and creating jobs in construction.
A help onto the housing ladder
New figures today show that since the launch of Help to Buy 14 months ago, 22,831 people have bought newly-built homes through the Help to Buy: Equity Loan scheme.
There have also been 7,313 sales through the Help to Buy: Mortgage Guarantee and 5,173 sales through the Help to Buy: NewBuy scheme. This takes total sales through Help to Buy to over 35,000.
All sales through Help to Buy: Equity Loan – and three quarters of overall sales through all elements of Help to Buy – are new-build properties.
Since the launch of the scheme, housebuilding is up a third compared to last year and at its highest level since 2007, while 216,000 planning permissions were granted in the last 12 months.
Recent estimates still show that Help to Buy accounts for just three per cent of overall house sales
Help to Buy across the country
Nationally, 86 per cent of Help to Buy: Equity Loan sales were to first-time buyers, while the average house price under the scheme was £206,084 – far lower than the £252,000 average house price. The vast majority of Help to Buy: Equity Loan sales – 94 per cent – are outside London.
In the East Midlands to date there have been:
- 825 Help to Buy sales in Nottingham and Nottinghamshire;
- 825 in Leicester, Leicestershire and Rutland;
- 749 in Northamptonshire;
- 638 in Derby and Derbyshire and
- 460 in Lincolnshire.
Housing Minister Kris Hopkins said:
“In 2010 we inherited a broken housing market, where hard-working people who could afford a mortgage were locked out of home ownership because they couldn’t get the deposit together.
“Help to Buy is changing that – to date, this scheme has enabled 35,000 people buy their own place with a fraction of the deposit they would normally require.
“And with housebuilding up a third over the past year, it’s clearly having a wider impact, getting workers back on construction sites and building the homes communities want and need.”