50,000 Buyers Use Help To Buy Since It's Introduction
The Conservative governments flagship policy the Help TO Buy Scheme" has helped over 50,000 buyers to get on the housing ladder according to figures just released by the Office For National Statistics.
The scheme which was introduced just over two years ago is designed for buyers who have a small deposit to get on to the housing ladder. Initially described by many property experts as a waste of tax payers money the scheme is now entering it's third year and has already been extended to continue for new homes across Britain.
Average cost of a home purchased with the scheme was £212,000
The scheme has been particularly successful for buyers across parts of the country outside of the south-east of England where the average purchase prices of a home has been £212,500. So far the total amount of money that the government has used for the scheme has been put are £1.99bn with the total value of the properties sold under the scheme coming in at £10bn.
The most popular parts of the UK that has taken advantage of the scheme are in areas such as Bedfordshire, Peterborough and Milton Keynes. Further north areas like Durham County have benefitted from the scheme as buyers look to buy their first home.
82% of sales have been to first time buyers
82% of the buyers using the scheme have been first time buyers who would not have been able to buy a home were it not for the scheme. There is still a debate going on about the wisdom of this scheme which is in effect helping buyers to buy a home because prices are too high and that the government should instead be buying more homes. However the number of buyers that have now purchased a property using the scheme will not agree.