The Help to Buy scheme is not slowing down according to new figures, and is therefore not likely to stop anytime soon.
June reportedly saw the sale of the highest number of homes per month since the scheme became available 15 months ago. It saw 4,300 property sales completed with the use of the Help to Buy scheme, adding to over 27,100 total sales.
Data from the Department for Communities and the Local Government have been reported to say that £1.1bn of loans have been offered through the scheme, aiding purchases that have overall totalled £5.56bn.
The prices of the houses sold have been a cause of controversy over the last year, with the original price cap (£600,000) being accused of being too high by some experts. The feeling was that the scheme would be used by people, who can afford to pay higher deposits, to pay smaller deposits on bigger houses, rather than help the poorer first time buyers it was aimed at.
However, this hasn’t been the case. Judging by the reported figures, the median value of homes bought was just £187,000.
Nearly a third of sales fell between the £150,001 and £200,000 price bracket, while a fifth of values were between £200,001 and £250,000.
It was claimed by Brandon Lewis, housing minister, that the scheme has boosted the rate of private house building in the UK, as it was meant to do, but demand is still outstripping supply, and house prices are still high.