The Government has indicated that the Help to Buy’s equity loan and mortgage guarantee schemes have helped almost 120,000 people buy a home.
Since its launch, 80% of the schemes completions have been made by first-time buyers. The average purchase price was £186,000, which is below the national average and 95% of Help to Buy completions took place outside of London. It’s been noted that half of all these purchases under the scheme have been new-build apartments or houses.
Figures show that the mortgage guarantee scheme completions have been least focused on the regions where house price growth is at its highest. In London the scheme makes up 1% of all mortgage lending compared to an average of 3% across the UK in total.
From December 1st 2015, the Help To Buy ISA scheme will boost first time buyers. 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%, up to £3,000.