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More than 17,000 purchase home under Help to Buy scheme | More than 17,000 purchase home under Help to Buy scheme |
(35 minutes later) | |
More than 17,000 people bought homes under the government's Help to Buy scheme in its first nine months, figures have revealed. | More than 17,000 people bought homes under the government's Help to Buy scheme in its first nine months, figures have revealed. |
They also showed that 88% of the 17,395 were first-time buyers. | They also showed that 88% of the 17,395 were first-time buyers. |
Prime Minister David Cameron said the scheme, which is made up of two parts, was a key strand of the government's long-term economic plan. | Prime Minister David Cameron said the scheme, which is made up of two parts, was a key strand of the government's long-term economic plan. |
But Labour has warned that rising demand must be met with increased housing supply for people to afford it. | But Labour has warned that rising demand must be met with increased housing supply for people to afford it. |
According to the government's own figures, 77% of homes bought under the scheme as a whole were outside London and the South East. | According to the government's own figures, 77% of homes bought under the scheme as a whole were outside London and the South East. |
And the average value of a property bought through the initiative was £194,992. | And the average value of a property bought through the initiative was £194,992. |
There are two parts to the Help to Buy scheme - the equity loan and the mortgage guarantee. | There are two parts to the Help to Buy scheme - the equity loan and the mortgage guarantee. |
With the equity loan, which was launched in England in April last year, in Scotland in September, and in Wales in January 2014, buyers can put down a deposit of just 5%. | With the equity loan, which was launched in England in April last year, in Scotland in September, and in Wales in January 2014, buyers can put down a deposit of just 5%. |
This has to be on a new build, and it enables them to take out a mortgage of up to 75% of the property's value. The difference is made up with an equity loan of up to 20% from the government. | This has to be on a new build, and it enables them to take out a mortgage of up to 75% of the property's value. The difference is made up with an equity loan of up to 20% from the government. |
'Security and independence' | 'Security and independence' |
The mortgage guarantee, which began across the UK last October and will run until the end of 2016, offers a government guarantee against losses for lenders who are prepared to offer mortgages to people with only a small deposit. | The mortgage guarantee, which began across the UK last October and will run until the end of 2016, offers a government guarantee against losses for lenders who are prepared to offer mortgages to people with only a small deposit. |
Almost 15,000 of the 17,395 buying homes through Help to Buy did so with the equity loan, the figures revealed. | |
Use of the equity loan was at its highest in south-east England, while the highest number of people buying a home through the mortgage guarantee was in Scotland and north-west England. | Use of the equity loan was at its highest in south-east England, while the highest number of people buying a home through the mortgage guarantee was in Scotland and north-west England. |
Mr Cameron hailed the scheme, saying: "Help to Buy is a key part of our long-term economic plan, giving thousands more people the security and independence that comes from owning their own home." | Mr Cameron hailed the scheme, saying: "Help to Buy is a key part of our long-term economic plan, giving thousands more people the security and independence that comes from owning their own home." |
'Cost-of-living crisis' | 'Cost-of-living crisis' |
But shadow housing minister Emma Reynolds warned that new homes still need to be built. | But shadow housing minister Emma Reynolds warned that new homes still need to be built. |
"Any help for first time buyers struggling to get on the property ladder is to be welcomed," Ms Reynolds said. | "Any help for first time buyers struggling to get on the property ladder is to be welcomed," Ms Reynolds said. |
"But rising demand for housing must be matched with rising supply if this scheme is to bring the cost of housing within the reach of low and middle-income earners. | "But rising demand for housing must be matched with rising supply if this scheme is to bring the cost of housing within the reach of low and middle-income earners. |
"Instead, under this government house building fell to its lowest level in peacetime since the 1920s and home ownership continues to fall. | "Instead, under this government house building fell to its lowest level in peacetime since the 1920s and home ownership continues to fall. |
"You can't deal with the cost-of-living crisis without building more homes." | "You can't deal with the cost-of-living crisis without building more homes." |
Ms Reynolds said the country needs a "help to build" policy to both boost housing supply and tackle the cost of living. | Ms Reynolds said the country needs a "help to build" policy to both boost housing supply and tackle the cost of living. |
She added that Labour was committed to getting at least 200,000 homes built a year by 2020. | She added that Labour was committed to getting at least 200,000 homes built a year by 2020. |
Other highlights in the government figures included: | Other highlights in the government figures included: |
Have you bought or in the process of buying a home through the Help to Buy scheme? Email haveyoursay@bbc.co.uk adding 'housing' in the subject heading and include your contact details. | Have you bought or in the process of buying a home through the Help to Buy scheme? Email haveyoursay@bbc.co.uk adding 'housing' in the subject heading and include your contact details. |