Record number of purchases tap into Help to Buy scheme
In 2020 – 2021, a record 55,649 property purchases were completed using the Government's Help to Buy scheme.
This figure is compared to 51,375 in the previous financial year. The total number of homes bought using the scheme in England now sits at 328,506 since it began in in 2013. The scheme has been limited to first-time buyers since April 2021, and is due to end in 2023.
The Help to Buy boom came despite the property market grinding to a halt for months in 2020 during the covid-19 pandemic. Property sales and prices started moving again after the Government offered ¬generous stamp duty tax breaks, which end next month.
The Help to Buy scheme was planned as a way to help those with a small deposit purchase a new home. Applicants need a deposit of 5 per cent, the Government offer loan worth 20 per cent of the purchase price, and buyers then obtain a 75 per cent mortgage.
The Government has provided loans worth just over £20bn to buyers, allowing them to purchase properties worth a combined £91bn. Official statistics showed that more than four in five were first-time buyers.
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2 West Street,
Rochdale,
Lancashire,
OL16 2EN
0800 8101010