One million have used a Help to Buy scheme

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More than a million people have used the government’s Help to Buy schemes – with 259,000 buying a house and 868,000 opening an ISA.

In total 215,000 first-time buyers have used the scheme, purchasing a home typically costing £192,854.

Philip Hammond, Chancellor of the Exchequer, said: “This government is committed to helping working people get on the housing ladder.

“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.”

More than 112,000 completions have taken place through the new build Help to Buy Equity Loan scheme, which offers buyers up to 20% of the home’s costs and 40% in London so they only need to provide a 5% deposit.

In the capital 2,381 buyers across 31 boroughs have used the London Help to Buy scheme between 1 February 2016 and to 31 December 2016.

The North West, Yorkshire and The Humber, and the South West have seen the highest number of property completions using the Help to Buy: ISA.

In total, 45,098 completions have taken place across the UK using the ISA bonus since the scheme’s launch in December 2015.

The Help to Buy mortgage guarantee scheme, which was designed to stimulate new 95% loan-to-value lending after the credit crunch, has now expired.

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Written by: Houseladder