The latest figures from the Department for Communities and Local Government (DCLG) show that the first phase of Help to Buy which began in England in April this year; 5,375 new homes were bought in six months using the equity loan phase of the scheme to buy a newly-built home. Of these, 92% were sold to first-time buyers. Figures show that the average price of a home using the scheme was £194,167, with an average equity loan of £38,703, showing that, on average, new home buyers are taking advantage of the full 20% available under the Help to Buy equity loan scheme.
Figures recently released from house builders show the number of buyers using the Help to Buy scheme is even higher, boosting sales and accounting for around a third of all reservations.
Of the main house builders:- Persimmon reported 3,000 reservations using Help to Buy, Barratt 2,800, Taylor Wimpey 2,403 and Redrow 490.
A total of 8,693 to date, from just these four house builders.
The DCLG figures also show that, in the first seven months of Help to Buy, 18,050 reservations have been made for new homes under construction. At the average stated that already represents a state subsidy for house builders of nearly £7 million so far!
