Halifax completes 1000 Help to Buy transactions

Fri, 07 Feb 2014

Halifax completes 1000 Help to Buy transactions
Halifax has completed more than 1,000 transactions through the Help to Buy mortgage guarantee scheme.

The lender launched its range of products nearly four years ago.

Between October 11th and January 31st 2013/14, Halifax received more than 5,000 full applications through the government's flagship housing policy, which totalled nearly £800 million.

Halifax mortgages director Craig McKinlay said the figures showed the scheme is making the property ladder more accessible.

"The fact that Help to Buy is benefiting buyers in every region in the UK is testament to how it is helping those that can afford the monthly payments, but had not previously been able to get the necessary deposit."

Help to Buy has faced criticism for fuelling a housing bubble and not helping buyers outside of London and the south-east. However, Halifax's data shows around eight inten borrowers were outside the capital and south-east.

The average property value of applications stands at £157,660, with 80 per cent of those from first-time buyers. Property was cheapest in Northern Ireland, with an average price of £91,497, while the most expensive was in Greater London at £279,735.
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