Help to Buy: Wiltshire is second-highest authority with most completions
12:04pm Tuesday 2nd September 2014 in By Staff reporter
More than 48,000 households have been helped by the Government's flagship Help to Buy mortgage support scheme with Wiltshire being the second-highest local authority with the most Help to Buy completions.
A total of 48,393 homes have been bought under the scheme and 82 per cent of house sales have gone to first-time buyers, the Government said.
The figures include both the Help to Buy equity loan scheme which was launched in England in spring 2013 and the UK-wide Help to Buy mortgage guarantee scheme, which was fired into action last autumn.
Both schemes allow people to move on to or up the property ladder with a deposit of just five per cent but, unlike the mortgage guarantee initiative, the equity loan scheme is aimed at new-build homes only.
The figures continue to show that the scheme is having only a limited direct impact on parts of the country where house price rises are at their most heated, with the highest number of mortgage guarantee scheme completions being in the North West.
The average house price for both parts of the scheme, at £187,800, remains well below the national average house price of £265,000.
The local authority with the most Help to Buy completions has been Leeds with 763, followed by Wiltshire, Birmingham, Central Bedfordshire and County Durham.
Chancellor George Osborne said: "It's great to see that nearly 40,000 first-time buyers have been helped on to the housing ladder by the Help to Buy scheme.
"This is a key part of our long-term economic plan, which is supporting hardworking people to secure a better future for their families.
"Importantly, Help to Buy is also driving a big increase in house-building in Britain, boosting the construction industry and increasing housing supply."