More than 259,000 people have bought a home using one of the government’s Help to Buy schemes, while 868,240 have opened a Help to Buy Isa (H2B Isa), which offers bonuses of up to £3,000 to buyers saving cash for their first home, according to official government data.
First-time buyers make up the majority (84%) of Brits whose property transactions have gone through with support from Help to Buy. And the average house price across the Help to Buy schemes is £192,854 – which is below the national average of £220,000.
Government data also revealed that 112,000 completions have now taken place through the Help to Buy Equity Loan scheme, which offers buyers up to 20% of a new-build home (40% in London), so buyers only need to find a 5% deposit.
Overall, 45,098 property completions have gone through across the UK using the Isa bonus since the H2B Isa was launched in December 2015.
The highest number of property completions using the H2B Isa took place in the North West, Yorkshire and The Humber, and the South West.
Philip Hammond, Chancellor of the Exchequer, says: “Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first-time buyers.”