Help to Buy continues to assist aspiring homeowners
New figures released by the government show the Help to Buy equity loan has created 46 new homeowners every day since the start of the scheme.Housing minister Kris Hopkins welcomed the news as evidence the policy is succeeding in helping aspiring homeowners and stimulating the wider construction industry by creating demand for new properties.There have been 12,875 sales of newly-built properties through the scheme since it was launched nine months ago and there are a further 6,446 sales currently in the pipeline. Some 22,000 new homes have been reserved through the scheme.The scheme has helped aspiring homeowners across the country and has been particularly popular in Leeds, where 230 properties have been sold through the scheme since April. Wiltshire, Central Bedfordshire, Milton Keynes and Manchester also rank among the top five areas.First-time buyers have largely benefited from the scheme - some 90 per cent of newly-built homes sold through the scheme have gone to first-time buyers.Kris Hopkins said: "I’m delighted that through the Help to Buy scheme, we've helped thousands of hard-working people realise their dream of becoming homeowners, getting onto the property ladder using this valuable alternative to the Bank of Mum and Dad."He also emphasised the beneficial effect the scheme is having on the construction industry. Over 1,200 housebuilders have registered to participate in the scheme and 94 per cent of these are small and medium-sized enterprises.During January, Barratt Homes and Taylor Wimpey both posted strong trading figures and Help to Buy was cited as one of the main factors behind these healthy figures. Taylor Wimpey reported an increase of seven per cent in home completions, which were up to 11,696. There was also an increase of seven per cent in the average selling price of its private housing completions, which rose to £210,000.Barratt Homes reported 6,195 completions in the six months to December 31st - 19.3 per cent more than the previous year. It also recorded a rise of 13.7 per cent in the average selling price of its properties, which now totals £211,000.
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