08 May, 2019/ by Homeward Legal /First Time Buyer
More than 140 first-time buyers move into their first-ever property every single day thanks to Help to Buy (HTB).
New figures from the Ministry of Housing, Communities and Local Government (MHCLG) has revealed that a total of 210,964 homes have been purchased using the Help to Buy equity loan since the scheme was launched in 2013.
In 2018, 52,057 property purchases were completed, an increase of 14 percent on the previous 12 months and adding up to 143 new homeowners every single day.
In six years of the equity loan scheme, a total of £11.71 billion has been borrowed by first-time buyers buying properties worth a combined £54.48 billion.
Kate Davies, executive director of the Intermediary Mortgage Lenders Association (IMLA), said the scheme's value was evident, helping one in seven first-time buyers in England. Help to Buy is funded until 2023.
Davies said: "While we are yet to see is the programme is continuing to grow in 2019, strong HMRC transaction statistics possibly indicate that Help to Buy-fuelled sales are still running at a healthy pace, continuing the trend we have been witnessing for more than a year.
"MHCLH has made it clear that HTB will come to an end in 2023 and that it is looking to lenders and developers to come up with alternative products for first-time buyers and second movers.
"The challenge to the industry is clear, and IMLA will assist wherever possible in facilitating discussions and proposals."