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50,000 homes sold under Help to Buy scheme
Nearly 50,000 homes have been sold under the government’s Help to Buy equity loan scheme.
Government figures published today reveal 47,018 homes were bought under the scheme, which allows people to buy homes with a 5% deposit, with the government providing an equity loan for up to 20% of the property value.
The average purchase price of homes bought was £212,932 and the average loan was £42,394.
Government loans totalling nearly £2bn have been made. The government originally said it would invest £3.5bn in the scheme.
The scheme, which launched in April 2013, is only available for new build homes worth less than £600,000 in England or £300,000 in Wales.
Help to Buy was announced by George Osborne in the 2013 Budget in a bid to improve mortgage availability and increase house building.
