Taylor Scott International News
The UK government’s flagship Help to Buy scheme has helped over 130,000 people achieve their aspiration of buying their own home since it was launched, the latest official figures reveal. Some 80% of scheme completions have been made by first time buyers, with more expected following the launch of the government’s Help to Buy ISA scheme at the beginning of this month. Help to Buy was created in 2013 to ensure that working people who saving for a deposit could achieve their aspiration of buying their own home through government support. Home ownership is a key part of the government’s long term plan to provide economic security for working people across the UK. The scheme continues to benefit first time buyers overwhelmingly, with the vast majority of sales outside of London and at prices well below the national average. According to officials Help to Buy is also ensuring the long term health of the housing market by increasing housing supply and stimulating home building. Almost half of the homes bought through Help to Buy are new build properties, helping to contribute to the 38% rise in private house building since the launch of Help to Buy. First time buyers will have a further boost from the Help to Buy: ISA, which banks and building societies across the UK are offering as of last week. Under this scheme, first time buyers can save up to £200 a month towards their first home and the government will boost their savings by 25%, or £50 for every £200, up to a £3,000 bonus. Some 14 banks and building societies have already signed up to offer Help to Buy: ISAs. These lenders are: Aldermore, Bank of Scotland, Barclays, Clydesdale Bank, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, Newcastle Building Society, Santander, Ulster Bank, Virgin Money and Yorkshire Bank. With almost all completions outside London, the highest number of homes through the mortgage guarantee scheme have been in the North West region. The equity loan, a scheme for new build properties, is particularly prevalent in the South East region. Figures for the mortgage guarantee scheme also show completions have been least concentrated in regions where house price growth is highest. In London the scheme makes up just 1% of all mortgage lending compared to an average of 3% across the country. The average house price for both parts of the scheme, at £185,972 at £155,573 for the mortgage guarantee and £217,999 for the equity loan scheme, remains significantly below the national average house price of £286,000. ‘This government is committed to helping people achieve the aspiration of buying their own home, and our Help to Buy schemes have now helped 130,000 across the UK do just that,’ said Chancellor of the Exchequer, George Osborne. He also pointed out that the stronger economy and financial system means that the government now expect banks to start to exit the Help to Buy Mortgage Guarantee scheme, which was introduced in times of financial distress… Taylor Scott International
Taylor Scott International, Taylor Scott
