Governmental schemes designed to bring property affordability to the masses and make more people homeowners have assisted nearly a quarter of a million in getting onto the property ladder, new data has shown.
According to the findings published by the Department of Communities and Local Government (DCLG), more than 285,000 homeowners have been able to get onto the ladder as a direct result of the government's Help to Buy schemes. This has been particularly positive for those who are becoming owners for the first time, with this total including 240,000 first-time buyers who would otherwise still be renting or living with parents.
The data also shows that the Help to Buy Isa has been hugely helpful when it comes to creating more homeowners, with the government able to boast as many as 960,000 people having had help to save towards their home purchase through this scheme.
With regards this Isa, the north-west, south-west and Yorkshire and the Humber have seen the highest number of completions, with more than 62,000 homes being sold through this scheme since it was launched at the end of 2015.
The majority of the completions that have taken place thanks to these schemes are also in regional areas, with the data showing that at an average of around £193,000, 90 per cent of purchases have taken place outside of London.
And housing minister, Alok Sharma, said that the government's data also shows how it has helped to boost building to meet demand. The Help to Buy Equity Loan scheme is one way that many people have used to get onto the ladder, with the scheme loaning them 20 per cent of the cost of a new build, meaning they need only come to the market with a five per cent deposit.
Mr Sharma said as many as 120,000 households have bought through this scheme alone, showing the huge value of new builds in promoting a supply and demand rebalancing nationwide.