Help to Buy: opening up NW home ownership and boosting housing supply Figures for North West pass 3,500 May 29th, 2014 admin Latest News Shares Comments Help to Buy: opening up NW home ownership and boosting housing supply Figures for North West pass 3,500 New stats out today (29 May) show how Help to Buy is benefitting thousands of aspiring North West home owners and supporting the Government’s long term plan to help hardworking people secure a better future for their families. In total 27,861 households have been helped by the scheme, which continues to overwhelmingly benefit first-time buyers. In the North West more than 3,500 have benefitted through one of the two available Help to Buy processes – with the region leading the way for Mortgage Guarantees. Help to Buy is also helping to increase housing supply, with the scheme driving demand for new-build homes. 74% of the homes bought through Help to Buy are new-build properties and we are seeing encouraging progress in the number of homes being built. Private house building is up 34% since the launch of Help to Buy and leading builders credit the scheme for reinvigorating the house building industry and boosting housing supply. FIRST-TIME BUYERS Today’s figures reveal that 85% of Help to Buy sales are to first-time buyers, showing how although Help to Buy accounts for only a small percentage of overall house sales (recent estimates suggest less than 3%), the scheme is continuing to successfully target the people who need a helping hand to get on the housing ladder. RESPONSIBLE LENDING Help to Buy is supporting responsible lending, with the average house price for the combined schemes at £191,295, or £151,597 for mortgage guarantee and £204,805 under the equity loan scheme – all of which are well below the UK average house price of £252,000. The average house price to income multiple under the mortgage guarantee scheme is just over 3x salary. SUCCESS ACROSS THE COUNTRY The figures also show how Help to Buy is benefiting every region of the country. Figures for the mortgage guarantee scheme also show completions have been least concentrated in regions where house price growth is highest, for instance in London the scheme makes up just 0.6% of all mortgage lending compared to an average of 1.3% across the country. The Prime Minister said: “As Britons, home ownership is in our blood – it’s about aspiration, planning for the future and laying down roots. “But we inherited a situation where for many people, buying a home seemed all but impossible – people who worked hard, had good jobs and could afford the monthly mortgage payments, but didn’t have the large deposit needed up front. For those without rich parents, the dream of home ownership remained just that: a dream. “That is why we brought in Help to Buy. “Today, Help to Buy has helped thousands of hardworking people to buy a new home and crucially it is helping to increase the number of new homes being built around the country.” “It is an important part of our long term plan to back those who want to get on and to secure a better future for Britain.” House builders have also welcomed the role Help to Buy has played in boosting supply. Home Builders Federation Executive Chairman Stewart Baseley said: “After a number of years when house building levels fell to a record low level, all indicators show supply is now increasing rapidly. “The Help to Buy Equity Loan scheme is supporting demand for new build homes – and if buyers can buy, builders can build. Its extension provides certainty about longer–term demand that will allow the industry to plan ahead, rebuild capacity lost in the downturn and ultimately deliver sustainable increases in supply. “This is providing desperately needed homes and also creating tens of thousands of jobs on sites across the country and in the supply chain.” Pete Redfern, CEO of Taylor Wimpey added: “Help to Buy Equity Loan has given more people the confidence and the ability to step onto or move up the housing ladder. It enables us to build more homes on the sites we have already got open, and has given us more confidence to invest in future sites and infrastructure which creates more jobs and economic activity locally.” Submit News Contact us with your community, business or sport news. Phone 07930717137 Email [email protected] Twitter www.twitter.com/onthespot_news Facebook www.facebook.com/otsnews.co.uk Related Comments comments!