More than 60,000 homes were bought using the Government’s Help to Buy schemes in the year to June 2021, the latest statistics have revealed.
The record figures, published by the Department for Levelling Up, Housing and Communities, suggest that the initiatives continue to help first-time buyers get onto the housing ladder.
Here’s everything you need to know.
Help to Buy Equity Scheme
The latest data available suggests that 10,824 homes were purchased using the Help to Buy Equity Loan Scheme between 01 April and 30 June 2021.
This represents a rise of 85% compared to the same period a year before, when the property market stood still as a result of the coronavirus pandemic.
It means that more than 339,347 properties have now been purchased with the assistance of equity loans since the launch of the scheme in April 2013. Approximately 83% of those were purchased by first-time buyers.
The figures come after the launch of the new Help to Buy Equity Loan Scheme in April this year. The new scheme – which runs until March 2021 – will lend homebuyers up to 20% of the cost of a newly built home outside of the capital, and up to 40% in London.
Help to Buy ISA Scheme
The number of people purchasing their first home with the support of the Help to Buy ISA also reached record levels. According to the figures, 10,989 Help to Buy ISA properties were bought in June 2021 – the highest monthly total to date.
It means that 435,798 homes have now been bought using the Government-backed savings scheme. The initiative – which closed to new applicants in November 2019 but can still be paid into until November 2029 – tops up savings by 25% when the cash is used by a first-time buyer to purchase a residential property.
Those without a Help to Buy ISA can instead use the Help to Buy Lifetime ISA (LISA).
Get advice today
For help and advice with related matters, please get in touch with our Branch Manager, Emma Wallington, at emma@brookings.co.uk.
