Latest figures from the Government reveal that over one million people have been supported through Help to Buy schemes, with Cornwall having some of the highest property completions using the new Help to Buy: ISA which helps more first-time buyers on to the property ladder.
Data released today by the Treasury show that in the first year of the scheme up to December 2016, 330 homes were bought in Cornwall worth a total of £55.2 million.
This is the 12th highest number of completions of all local authority and council areas in England.
The Help to Buy: ISA enables people saving for their first home to receive a 25% boost to their savings from the Government when they buy a property of £250,000 or less (£450,000 in London). This means that for every £200 saved, first-time buyers can receive a government bonus of £50. The maximum government bonus is £3,000.
In Cornwall, 467 bonuses were paid to savers worth a total of £270,000. In the South West, over 6,000 bonuses were paid with 4,381 property completions.
Welcoming the figures, Scott Mann said:
“I’m very pleased to see these latest figures which show that more first-time buyers in Cornwall are being helped on to the property ladder.
“Recognising the difficulty of saving enough money to buy a home and get that crucial deposit, the government introduced the Help to Buy: ISA which, alongside the Help to Buy: equity loan scheme, has helped over one million people buy their first home.
“I know first-hand what it’s like to try and buy your first home and the pride and relief that comes with it.
“The government is committed to getting more homes built and more people into their first home, and these latest figures show that the government is doing this in Cornwall.”
The Government has now supported more than one million people through its Help to Buy schemes, including 868,240 who have opened Help to Buy: ISAs offering government bonuses of up to £3000 for those buying their first home.
Help to Buy statistics also show that:
- Over 259,000 completions have taken place using one or more of the Help to Buy schemes, the majority of these are first-time buyers
- More than 215,000 (84% of total completions) first-time buyers are now on the housing ladder thanks to Help to Buy
- The average house price across the schemes is £192,854, which is below the national average of £220,000
Philip Hammond, Chancellor of the Exchequer said:
“This government is committed to helping working people get on the housing ladder. Our Help to Buy schemes are proving hugely popular across the country. More than a million people are now using them to help achieve home ownership, particularly first time buyers.”
Gavin Barwell, Housing and Planning Minister, said:
“As our Housing White Paper sets out, we’re committed to helping more people find a home of their own with the support of a range of low-cost home ownership products.
“Our Help to Buy: Equity Loan scheme continues to make home ownership a reality for thousands of people, especially first time buyers right across the country.”
Home Builders Federation Executive Chairman, Stewart Baseley, said:
“Help to buy is absolutely central to the big increases in housing supply we have seen over the past few years.
“Helping people who otherwise would not be able to purchase a home provides the confidence builders need to invest in recruiting and training new staff to ramp up production and bring forward new sites.”
More than 112,000 completions have now taken place through the Help to Buy Equity Loan scheme, which offers buyers up to 20% of a newly built home’s costs and 40% in London so they only need to provide a 5% deposit.
The Government provides support via three schemes:
- The Help to Buy: ISA is specifically for first-time buyers. For every £200 you save, the government will provide a bonus of £50. The maximum bonus you can receive on completion of a property purchase is £3,000.
- The Help to Buy Equity Loan scheme offers buyers up to 20% of the cost of a new build home so they only need to provide a 5% deposit. It is open to both first-time buyers and those looking to step up the housing ladder.
- The London Help to Buy scheme provides an equity loan of up to 40% for buyers in the capital with a 5% deposit. It is open to both first time buyers and those looking to step up the housing ladder.
