71,000 people benefit from Help to Buy
The government has announced that its Help to Buy programme has enabled over 71,000 people around the country to purchase a new home.Official statistics reveal over 66,000 have been helped by Help to Buy: mortgage guarantee and Equity Loan. Combined with the NewBuy scheme, which offers 95 per cent mortgages for those buying new-build properties, the number of new homeowners has reached more than 71,000.First-time buyers are by far the largest group that have received assistance from Help to Buy. Some 81 per cent of sales have gone to such buyers, helping 54,000 into their first home. The government stated this demonstrates that, despite only accounting for three per cent of overall house sales, the initiative is successfully targeting those most in need of assistance.The scheme is also benefiting people across the UK, with the vast majority of sales (94 per cent) being made outside of London and at prices well below the national average.According to the figures, the mortgage guarantee is particularly popular in the north-west, while the Equity Loan - a scheme for new-build properties - is particularly successful in the East and south-east.In Leeds, more than 1,000 new homes have been secured through the Help to Buy scheme, while in Birmingham it has contributed to over 300 completions.The government stated that the policy is also helping to stimulate construction, as over half of the homes bought through the scheme are new-build properties. Since the equity loan was launched, private house building has risen by 20 per cent.Prime minister David Cameron said: "Help to Buy has helped thousands of hard-working people buy a new home and enjoy the security and peace of mind that comes with that. And crucially, it's playing a major part in increasing the number of new homes being built around the country – creating jobs and investing in communities."
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