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Has Help To Buy Scheme Been Of Benefit?

June 28th 2021
By: Thomas Morris
Has Help To Buy Scheme Been Of Benefit?

We know many prospective buyers need assistance stepping onto the property ladder, and we are here to offer as much guidance as we can. At Thomas Morris, we are pleased to say we have helped connect many buyers and vendors, and we will continue to do so.

We pay close attention to the assistance on offer to buyers, and the Help To Buy scheme has been of great use for many buyers.

What help do you need when buying property?

Since the Help To Buy Equity Loan Scheme was launched in 2013, over 300,000 new-build properties have been purchased with assistance from the scheme.

The scheme provides a loan of up to 20% of the purchase price, while in London, a 40% contribution is on offer.

The total number of purchased households from the scheme is 313,043; according to Help To Buy Statistics released in May 2021.

For the three months leading to December 2020, a total of 21,026 eligible transactions were completed. This is the highest quarterly annual total since records began. When compared to the same time-period in 2019, this figure is 40% higher.

The majority of home purchases made via the scheme were bought by first-time buyers. These buyers accounted for 257,520 purchases, which equates to 82% of the total purchases.

Are you looking to move home?

Housing secretary Robert Jenrick said: “Helping people get a foot on the housing ladder is central to the mission of this government. The 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.”

Homes England Peter Freeman believes the scheme has been a success, saying; “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.”

The 300,000th customer to use the Help To Buy scheme is a farmer from Asfordby in Leicestershire called Sam Legg, and he said; “I am very happy to have bought my first home which would not have been possible without Help to Buy. The whole process went very smoothly, and I hope many more people can be helped to buy their first home in the same way.”

The Government website has a lot of data on individual aspects of the Help To Buy scheme, including the Cumulative number of legal completions to 31 December 2020, by property type, England.

  • 66,616 detached properties were sold to first-time buyers with a total of 98,758 detached properties sold in total.

  • For semi-detached properties, 86,798 were sold to first-time buyers while a total of 100,706 semi-detached properties were sold under the scheme.

  • There were 50,098 terraced properties sold to first-time buyers, and a total of 57,086 terraced properties sold in total.

  • For flats, 53,981 were sold to first-time buyers while a total of 56,462 flats were sold.

In total, three bungalows were sold under the Help To Buy scheme, with two of these bungalows being snapped up by first-time buyers.

If you plan on making a move and require guidance on the property market, or you would be keen to value your home, book a valuation at a time that is of suitable to you or alternatively, you can phone our Biggleswade branch, managed by Ryan Coyne by calling us on 01767 310111.