On March 31st, the Help to Buy Equity Loan scheme will come to an end. This scheme proved to be particularly beneficial for first-time buyers seeking to climb the property ladder.
According to analysis from Money.co.uk Mortgages, First-time buyers accounted for 84% of homes bought through the Help to Buy scheme in England.
The study analysed figures from YBS, gov.uk and Statista to reveal, how many first time buyers used Help to Buy in England?
302,225 properties bought through Help To Buy were first-time buyers, meaning that they accounted for 84% of homes bought through the scheme.
In total, £18.7 billion has been loaned to first-time buyers through the scheme, with the properties being bought totalling £82 billion in value. In 2021, 39,192 first-time buyers bought houses through the scheme, slightly fewer than in 2020 (down by 5%).
Since the introduction of the Help to Buy equity loan scheme in 2013, first-time buyers in the West Midlands have benefited from it the most, accounting for 12% of all Help to Buy secured home sales, twice as many as those in the North East (6.1%), which came in second.
On the other hand, just 4.1% of Londoners made use of the scheme when purchasing their properties. The scheme is recognised mostly for its Help to Buy equity loan, which allows you to borrow up to 20% (40% in Greater London) of the value of a new build home, with no interest for the first five years.