The Department for Communities & Local Government (DCLG) has published the latest figures for Help to Buy England (and Help to Buy London) which shows that the final quarter in 2016 was a new record for the 20% Equity Loan scheme, with 12,104 completions. For 2016 as a whole, the scheme also put in a record year with 38,188 completions. Since its launch in 2013, four years ago tomorrow, the scheme has seen over 112,000 new homes purchased using the equity loan facility.
The scheme continues to be popular with first-time buyers, 82% of users came from this category, with the average household income recorded in the final quarter at £52,000. Almost one-third of properties purchased were Detached Houses, indicating buyers are able to ‘skip past’ terraced or semi-detached houses into a larger home, with only 15% of buyers purchasing flats.
There have been 2,381 buyers of homes using the Help to Buy London scheme since its launch a year ago, of which 1,556 buyers used the additional facility up to the maximum 40% equity loan.
Contact our team for more information on the Help to Buy scheme and see if it could help you.