North Swindon MP Justin Tomlinson has welcomed news that more than 400,000 people have been able to buy their first home thanks to Help to Buy schemes.
Over 458,000 completions have taken place overall using one or more of the Help to Buy schemes, 402,000 of which were first time buyers.
The latest statistics have shown that:
- First time buyers have now opened 1.2 million Help to Buy ISAs; offering Government bonuses of up to £3,000 on top of their savings
- The average house price purchased through the schemes is £201,881
- Over 93% of completions across the Help to Buy schemes have taken place outside of London
The Help to Buy Equity Loan Scheme - which offers buyers up to 20% of a newly built home’s costs so that only a 5% deposit is required – has seen 183,000 completions take place. The Government expects that by March 2021 it will have invested around £22 billion in the scheme, supporting up to 360,000 households into homeownership.
Justin Tomlinson MP said: “Home ownership is a great ambition to have, I remember the sense of pride and satisfaction I felt was when I received the keys to my first house. I am very proud of the work the Government is doing to help home ownership become a reality for so many hard working and aspirational young people. We have invested over £44bn to help deliver the homes communities need, as well as cutting Stamp Duty for first time buyers.”
