The Government’s Help to Buy scheme has been running for over 15 months now, with over 27,100 homes being purchased using it. But, according to figures from the latest government data, as cited in the Guardian, June saw levels reach a new high, with a staggering 4,300 completions in the month alone.
The figures relate to the first phase of the scheme, which gives buyers an interest-free loan worth up to a fifth of the value of a new-build property.
According to Data from the Department for Communities and Local Government, the loans offered amount to £1.1 billion, supporting purchases worth £5.65 billion. Over 65% of buyers took the opportunity to take out a 95% mortgage, while the rest put down heftier deposits.
Almost a third of sales fell in the price bracket of £150,001 to £200,000, with around 25% of properties costing less. A fifth were between £200,001 and £250,000, while the average price of a home using the scheme came in at £187,000.
The scheme went live in April last year and, according to housing minister Brandon Lewis, is achieving everything it set out to achieve. There are strong signals that the scheme is leading to a pick-up in planning permissions, which will, in turn, lead to a rise in the amount of homes being built in the years to follow.
It’s worth noting that loans are available on properties costing up to £600,000 and there’s no upper limit on incomes for those applying for the scheme.
Have you taken advantage of Help to Buy yet?