Help to Buy scheme gathers momentum

Fri, 28 Feb 2014

Help to Buy scheme gathers momentum
The Help to Buy scheme has enabled thousands to get onto the housing market.

Figures from the Department for Communities and Local Government revealed that, in the first ten months of the equity loan phase of the policy, there were 25,247 reservations and 14,823 completed sales on new-build properties.

In addition, 6,000 offers have been made through the mortgage guarantee part of the scheme, which is also available for new-build and existing properties.

The average price of accommodation purchased thanks to Help to Buy was £184,000 and the lion's share (89 per cent) of sales were by first-time buyers, accounting for 13,112 of total purchases.

Communities secretary Eric Pickles said: "In 2010,we inherited a broken housing market, where buyers couldn't buy, builders couldn't build, and lenders couldn't lend.

"We're now seeing buyers returning to the market in droves and new homes being built across the country."

The figures from the government revealed it has helped over 112,000 aspirant homeowners purchase a property since 2010, due to one of its various housing schemes.
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