Help to Buy gets 7,000 households a new home

GOVERNMENT’S SCHEME WILL BE CHANGING FROM APRIL 1

NEW figures indicate 7,400 Leicestershire homebuyers have used the Help to Buy scheme since its launch seven years ago.

The figures are included in the most recent Homes and Communities Agency breakdown of take-ups.

It showed more than 270,000 Help to Buy equity loans have been taken out across England since it was created to stimulate the housing market postCredit Crunch.

Big house builders – several based in Leicestershire – have seen their sales and profits boosted by the scheme.

The stats show the districts which made the best use of the scheme were Charnwood (1,725), North West Leicestershire (1,541) and Blaby (1,101).

A total of 879 buyers in the Leicester took advantage.

Elsewhere in the county, the scheme was used 972 times in Harborough, 851 times in Hinckley and Bosworth, by 181 buyers in Oadby and Wigston and 150 in Melton.

The scheme, which helps people buy a home up to the value of £600,000 with a 5 per cent deposit, is currently available to all– although from April, it will be restricted to first-time buyers and include regional property price caps.

In the East Midlands, it will be available for properties on sale for just under £262,000.

Barratt Group, based in Coalville, which includes David Wilson Homes, sold 17,856 homes in the year to June 2019, making it the biggest housebuilder by volume in Britain. Rachael Harrison, sales director at David Wilson Homes East Midlands, said: “It’s great to see so many buyers in Leicestershire have been able to purchase a home using Help to Buy.” Alastair Parsons, area sales director for Miller Homes Midlands, said: “Buyers can own a new home with just a 5 per cent deposit and a 75 per cent mortgage from a bank or building society.

“The additional 20 per cent is made up by a Help to Buy equity loan funded by the government.

“From April 1, the scheme changes. So it’s important for anyone looking to make a move in the next few months to read up on the Help to Buy scheme and understand the impact the changes may have on their purchase.”

It’s important for anyone looking to make a move in the next few months to read up Alastair Parsons, Miller Homes Midlands