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More than 5,000 new homes bought with Help to Buy at an average of £194k, as housing starts rocket 30%
Marc Shoffman, This is Money
21 November 2013
  • 4,948 first-time buyers take advantage of deposit boosting scheme
  • 427 owners use Help to Buy to move home
  • 50,310 new homes started in six months - compared to 38,610 a year earlier
More than 5,000 new build properties have been purchased under the Help to Buy equity loan scheme with first-time buyers snapping up most of the loans, official figures show.

The number of new homes being built rocketed by 30 per cent in the first six months after Help to Buy was launched, in comparison with same period in 2012.

The average price of a property bought under the scheme was £194,167.

At a headline level on the 5,375 properties sold that will have delivered the government a stamp duty boost of almost £10.5m.

Data released by the government reveals that 4,948 first-time buyers, representing 92 per cent of purchasers, got on the property ladder in the first six months of the scheme between April and September 2013.

At the same time 427 previous homeowners took advantage of the scheme to move house, following its launch at the end of March,

Private enterprise new housing starts totalled 50,310 between April and September compared to 38,610 in the same months of 2012.

But while Help to Buy's architects will claim this is a sign the scheme is getting more homes built, rising new housing starts is continuing a trend that began in summer 2012.

The Help to Buy Equity Loan scheme offers an interest-free loan for five years from the government that boost a borrower's 5 per cent deposit by up to 20 per cent for a mortgage on a new build property worth up to £600,000.

Once that five years is up borrowers will start to pay a low rate of interest on their loan, starting at a rate of 1.75 per cent.

The aim of the government scheme is to make it easier for borrowers to raise the deposit needed for good mortgage rates.

Read full story on the This is Money website.
 
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