More than 150,000 have bought a home through Help to Buy

More than 150,000 people have got on to the housing ladder through Help to Buy, according to the latest figures from the government.

The statistics show that since the launch of the scheme in 2013:

• more than 150,000 completions have taken place, with 80% having been made by first-time buyers
• the average house price was £188,380 significantly below the national average
• 95% of Help to Buy completions took place outside of London
• over half of Help to Buy completions have been for new-build homes.

Help to Buy has various options that enable buyers to get a new home with only a 5% deposit. The government provides a loan or guarantee for a further 20%, making a total deposit of 25%.

More than half of the homes bought through the scheme are new-build properties, helping to contribute to the 14% rise in private house building since 2013.

The Executive Chairman of the Home Builders Federation, Stewart Baseley, said: “Help to Buy continues to help stimulate demand for new build homes.

“We estimate the larger house builders have increased output by 50% since the trough with overall supply up by 37% in the last two years.”

Please contact Shyam Patel or Dipak Odedra if you would like more information about the legal aspects of buying and selling a home.