Find out how the Help to Buy scheme has helped 350,000 people across the UK
Since the launch in 2013, the government led Help to Buy initiative has helped 350,000 people across the UK get closer to acquiring their dream property.
The scheme offers loans to first-time buyers to help them put down a deposit for a home up to 600,00. According to a recent survey, the scheme has already helped more than 300,000 first time buyers. Launched in 2013 and with plans for an extension until 2021, Help to Buy is a wider plan to tackle the housing challenge and ensure the next generation can get on and climb up the housing ladder.
Based on official figures, Britons have also embraced the Help to Buy ISA since 1.1 million in funds have opened through government top-up bonuses of up to £3,000 for saving towards a home deposit. North West, Yorkshire and the Humber have had the most completions using the ISA scheme adding to the 93% of completions taking place outside London.
The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. Up to now, 5,715 buyers in the capital across 33 boroughs have purchased their own property, through the London Help to Buy scheme.
Newly named Housing Minister, Dominic Raab, said:‘This government is committed to helping more people get on the housing ladder, with the support of a range of low-cost home ownership products.’ The recent axe of the stamp duty for first- time buyers, the Help to Buy scheme and further plans to provide financial assistant to home buyers sum up the UK government’s determination to solve the housing issues.
According to official reports annual housing supply is on track to reach its highest level since 1970 by the end of the Parliament.
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