Over 1,600 used Government’s help to get onto housing ladder
calling on the Government to extend the scheme beyond 2021 because of the "significant" effect it would have in helping the country recover from the coronavirus outbreak.
Houses sold under the scheme have now reached £70.3bn nationally over seven years, with 2019 responsible for nearly £16bn of this.
The current scheme is to be replaced by a new one in April 2021, which is limited to first-time buyers with a property price cap of £186,100 in the North East.
The majority of loans (83%) in Sunderland were taken out by first-time buyers – above the national average of 81%.
Separate figures show the average property price for Sunderland in February was £113,300, which is below both the current cap and the proposed one.
The Home Builders Federation said the scheme has been "integral" to housing supply but will effectively end in December.
Executive chairman Stewart
Baseley said: "As we look to increase production and restart the housing market, removing this barrier by extending the scheme could play a significant part in supporting and sustaining the recovery.”
Last year saw 243 loans used in Sunderland – a decrease on 2018, when there were 289.
The average amount loaned in the area was £36,800.
A spokeswoman from the Ministry of Housing, Communities and Local Government said: “Building the homes the country needs is a priority for the Government.
“The Government continues to work closely with all parts of the housing industry about the challenges they face during the pandemic.”