Yesterday Chancellor George Osborne said that the Help to Buy scheme is ‘working exactly as intended’ after the latest figures for the equity loan part of the initiative show that a total of 29,829 properties have been bought so far. In July 2,662 home hunters secured a property using an equity loan courtesy of the scheme, 85% of which were First Time Buyers, the Department for Communities and Local Government (DCLG) has reported.

DCLG also revealed that Wiltshire was the local authority with the highest number of Help to Buy equity loan completions with 528, followed by Leeds (503), Central Bedfordshire (453), Peterborough (417), Milton Keynes (406) and Bedford (352).
Interestingly, 94 per cent of the completions under the scheme have been made by households outside of London.
Speaking yesterday, the Chancellor added: “Help to Buy is helping first time buyers onto the housing ladder.”
“It’s a key part of our long term economic plan, which is supporting hard working people to secure a better future for their families.”
Despite the positive figures, Chairman of homebuilder Redrow, Steve Morgan believes the Help to Buy Scheme has peaked, saying: “The summer months of 2013 saw Help to Buy activity at its peak, with reservations running at particularly high levels. This year the period from July to date has seen a more normal summer selling pattern.”
Since the inception of the scheme in 2013, altogether, there have been 48,393 completed purchases – 29,829 as part of the equity loan scheme and 18,564 through the mortgage guarantee scheme which launched in October.
Commenting on the government data, Paul Smee, director general of the Council of Mortgage Lenders, said: “It is reassuring to see the data confirming that Help to Buy is essentially delivering its intended objectives.”
“The scheme is supporting new housing construction, and is being used extensively by first-time buyers to purchase average-priced properties in all parts of the UK,” he added.
If you are looking for mortgage advice, or advice on Help to Buy or Shared Ownership, contact local experts – Rugby estate agents Cadman Homes.