Record numbers of home buyers using the Help to Buy Scheme

The most recent quarter has seen a record number people using Help to Buy, with the government giving over 4,700 people equity loans to purchase property worth a combined £1.1 billion. This is the largest amount of activity for the programme since it began in 2013.

Help to Buy has been a real success in helping people purchase a home by offering them loans to help with the down payment on a house.

In total, 120,000 people were able to buy a new house, with 80% of them being first time buyers. Although there is still room for increased use in London, most of the beneficiaries in the capital have been first time buyers.

The programme has also spurred the developers and has contributed to a strong rise in private housing developments. It is a major reason behind the 36% increase in building private houses since the beginning of Help to Buy in 2013.

Stephen Ludlow, Chairman at ludlowthompson, explains: “First time buyers in London will be encouraged to see that the government is providing real support to get people on the housing ladder.

“Help to Buy has assisted a lot of people, but more needs to be done to ensure that more potential buyers in London understand all the options open to them.”