7,300 North West homeowners created through Help to Buy
The Help to Buy schemes have created over 7,300 homeowners in the North West, Housing Minister Brandon Lewis announced today.
The new figures show how Help to Buy is helping more and more people onto the property ladder and getting more homes built, with nearly 4,800 households buying new-built properties through the Equity Loan and NewBuy options, and over 2,500 using the Mortgage Guarantee.
House building and the Help to Buy schemes are key parts of the government’s long-term economic plan.
Around eight out of ten sales went to first time buyers across the UK and, as a direct result, thousands of new home owners were created and private house building projects rose by a third.
House building has climbed to the highest level since 2007, construction output has seen the sharpest expansion for eight months, and companies are now taking on workers at the fastest rate since 1997.
Housing Minister Brandon Lewis said:
“Today’s figures clearly demonstrate the continuing success of the Help to Buy in supporting creditworthy, hardworking people who want to buy a home of their own.
“Over 54,000 new homeowners have now used the schemes as a valuable alternative to the Bank of Mum and Dad, enabling them to buy with a fraction of the deposit they would normally require.
“But it’s also got Britain building and since the scheme’s launch private house building projects have increased by a third.”
Across the UK:
- 33,911 sales have been completed in the first 18 months of the Help to Buy: equity loan scheme
- 18,564 sales have been completed under Help to Buy: mortgage guarantee scheme; 15,091 of which were in England (between 8 October 2013 and 31 August 2014)
- 5,518 sales have been completed under Help to Buy: NewBuy (up to 30 September 2014)
- the average price of a home is below the national average: £210,000 under the equity loan and £153,000 under the mortgage guarantee
The following table lists the figures for the North West:
Local Council Area
|Cheshire West and Chester||301||28||120||449|
|Blackburn with Darwen||71||12||38||121|
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