Statistics published in May show that Sam Legg, a 19-year-old farmer from Asfordby, became the owner of the 300,000th home bought under the Help to Buy: Equity Loan scheme. This total has since reached over 10,000 more and continues to grow.
Since the Help to Buy: Equity Loan scheme launched in 2013, it has helped over 313,000 households to buy a newbuild property. The majority of new homes purchased under the scheme were bought by first-time buyers, accounting for 82% of the sales. The latest version, launched on 1st April 2021, is only open to first-time buyers and so this proportion is sure to increase significantly.
In response to the official statistics released by the Ministry of Housing, Communities and Local Government Housing Secretary, Robert Jenrick, said: “Today’s figures show over 300,000 homes have been sold through our Help to Buy scheme which hugely benefits first time buyers. Alongside other measures such as the stamp duty cut and new mortgage guarantee scheme, Help to Buy will continue to help more and more people to have a home that is truly their own.”
In a similarly positive response to the statistics, Peter Freeman, Chair of Homes England, said: “Today’s milestone underlines how successful the scheme has been in helping people buy their own home. With the original Help to Buy scheme, and the new scheme aimed specifically at first time buyers, we look forward to helping more people like Sam achieve their dream of home ownership.”
From the latest figures and the government’s response to them, it’s clear that the Help to Buy: Equity Loan scheme has primarily been a success. It seems likely that the government will continue to support measures such as this one, which help people take their first step onto the property ladder, support builders in fulfilling the continued demand for new homes and encourage jobs across the nation.
Source: https://www.gov.uk/government/news/over-300-000-homes-sold-with-help-to-buy
