Over half a million open Help to Buy ISA

Over 160,000 have now bought a house with the help of a government Help to Buy scheme.

Figures released today show that 94% of Help to Buy completions have taken place outside London. The highest number of homes completed through both the Help to Buy: ISA and mortgage guarantee schemes has been in the North West region.

There were 256 London Help to Buy completions in London between 1 February 2016 and 31 March 2016 using the equity loan.

The average house price for the three schemes combined is £189,795 compared to the national average price of £292,000.

More than 1,000 households a month on average have purchased their own home through Right to Buy since the scheme was reintroduced in 2012 - over 52,500 households in total.

Chancellor of the Exchequer, George Osborne, said: "It’s hugely encouraging that over 500,000 people have already opened Help to Buy ISAs. The government’s Help to Buy schemes offer responsible lending, and the vast majority of those who are benefiting are first time buyers."

Peter Andrew, Deputy Chairman at the Home Builders Federation, added: "Help to Buy continues to help thousands of people a month get a foot on the housing ladder and with interest rates expected to remain at historic low levels, demand for new build homes remains extremely strong.

"The various Help to Buy schemes are really making a difference, helping people to save for and buy a new build home and so driving demand, and in turn housing supply.

"Home builders remain committed to growing their businesses such that they can deliver the further increases in supply the country desperately needs."