Help to Buy creates surge in new homes built and bought
Monday February 15th, 2016
New research has found that 43% of new homes built under the Help to Buy: equity loan scheme since 2013 would have not been built without introduction of the scheme.
A newly published report also found that 82% of buyers under Help to Buy: equity loan would not have been able to purchase their home without the scheme helping them meet their ownership aspirations.
Launched in 2013, the Help to Buy scheme was set up to support hard-working people who could pay a mortgage but struggle to save the deposits required by lenders.
Now more than 130,000 people have now been able to become homeowners since the launch.
The report found no evidence that the scheme has driven up house prices but did find that housebuilders have much more confidence in the housing market.
The number of owners assisted by other government schemes is also expected to continue rising through London Help to Buy and the Help to Buy: ISA, which has now been opened by more than 250,000 people.
Housing Minister Brandon Lewis said:
“Anyone who works hard and aspires to own their own home should have the opportunity to do so and this report shows how the government’s Help to Buy scheme continues to turn those dreams into a reality.
We’ve got the country building again and seen the number of new homes increase by 25% in the last year alone with thousands of people across the country helped by the scheme.”
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