Help to Buy creates 43% homebuilding surge
New government figures have shown a 43% rise in new homes built as a direct result of Help to Buy equity loan.
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The report found that 82% of buyers under Help to Buy: equity loan would not have been able to purchase their home without the scheme helping them meet their ownership aspirations.
The average price of homes under the scheme is £212,000, £55,000 below the UK average.
More than 130,000 people have now become homeowners since the launch in 2013, with the number of homeowners expected to continue rising through London Help to Buy and the Help to Buy: ISA, which has now been opened by more than 250,000 people.
The government says the scheme has also encouraged more lenders to enter the market.
Help to Buy: equity loan has been extended to 2021 through a further £8.6 billion in funding and aims to help up to 145,000 more people own their own home.
Housing Minister Brandon Lewis said:
"We’ve got the country building again and seen the number of new homes increase by 25% in the last year alone with thousands of people across the country helped by the scheme."
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