Help to Buy used by over one million, figures show

Government figures have shown over one million people have used the Help to Buy scheme when looking to buy a property.

Statistics revealed 868,240 people have opened Help to Buy: ISAs and over 259,000 completions have taken place using the schemes, 84 per cent of which were first-time buyers.

The average house price across the schemes is £192,854, which is below the national average of £220,000

Philip Hammond, Chancellor of the Exchequer commented: “This government is committed to helping working people get on the housing ladder. Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first time buyers.”

Gavin Barwell, Housing and Planning Minister, said: “As our Housing White Paper sets out, we’re committed to helping more people find a home of their own with the support of a range of low-cost home ownership products.

“Our Help to Buy: Equity Loan scheme continues to make home ownership a reality for thousands of people, especially first time buyers right across the country.”

Stewart Baseley, executive chairman of the Home Builders Federation, said: “Help to buy is absolutely central to the big increases in housing supply we have seen over the past few years.

“Helping people who otherwise would not be able to purchase a home provides the confidence builders need to invest in recruiting and training new staff to ramp up production and bring forward new sites.

“The North West, Yorkshire and The Humber, and the South West have seen the highest number of property completions using the Help to Buy: ISA. In total, 45,098 completions have taken place across the UK using the ISA bonus have taken place since launch in December 2015.”