First-time buyers still reaping the benefits of Help to Buy

First-time buyers still reaping the benefits of Help to Buy

In the two years since the government's Help to Buy equity loan scheme came into play in the UK property market, thousands of first-time buyers have been helped to get onto the ladder for the first time. And according to a new report, they continue to be assisted by the scheme into 2015. 

The latest data published this week by the Office for National Statistics (ONS) looked at the way Help to Buy has worked up until March of this year, and found that in the first two years of its existence, the scheme has helped some 47,018 homes to be purchased overall. 

The value of these houses amounts to some £10.1 billion, with £1.99 billion having been brought to the table by the equity scheme itself. The mean value of houses purchased under the equity scheme comes to just over £212,000, while the average value of equity loans approved came to some £43,000. 

One of the most important factors that was published in the data is that the scheme has mostly assisted new buyers to get onto the ladder, as opposed to assist others in moving up it. It said that the equity loan scheme had given 82 per cent of the loans it has approved to those who had never owned a house in the past. 

The largest volume of houses that were purchased under the scheme were terraced homes, while semi-detached, detached and flats made up the top four. The fact that first timers are now able to buy bigger homes rather than just flats is testament to how the scheme has helped to assist the market in growing healthily over the last two years.