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Home Latest News Help to Buy scheme boosts building sector

Help to Buy scheme boosts building sector

Since its launch in 2013, Help to Buy is also heralded as getting 54,000 people on the first steps of the property ladder. More than eight out of 10 – 84 per cent - of those receiving money from the scheme are first time buyers.

Housing minister Brandon Lewis commented on the figures unveiled in the press announcement: "Today’s figures clearly demonstrate the continuing success of the Help to Buy in supporting creditworthy, hardworking people who want to buy a home of their own.
“Over 54,000 new homeowners have now used the schemes as a valuable alternative to the Bank of Mum and Dad, enabling them to buy with a fraction of the deposit they would normally require.
"But it's also got Britain building and since the scheme's launch, private house building starts has increased by a third."

Output in the construction industry was said to have seen major improvements in the past eight months, with house building starts increasing by a third since the scheme started, Lewis added.

The latest update on the Help to Buy scheme found that the largest number of equity loans had been taken in Wiltshire, leading to 603 sales.
In total, 20 separate local authorities across England and Wales have seen over 300 property sales thanks to the government’s initiative.