300,000 homes in England sold under Help to Buy scheme

More than 300,000 households in England have bought a home with the support of the Help to Buy equity loan scheme since it was launched in 2013.

A young farmer from Leicestershire became the 300,000th home owner to use the scheme, according to the Ministry of Housing, Communities and Local Government.

Sam Legg, 19, bought his first home in Asfordby, Leicestershire, and is living with his girlfriend Megan and dog Del Boy.

He said: “I am very happy to have bought my first home which would not have been possible without Help to Buy. The whole process went very smoothly, and I hope many more people can be helped to buy their first home in the same way.”

Government figures show 313,043 households have bought a home with the support of the scheme.

Around eight in 10 were first-time buyers.

Purchasers can borrow up to 20% of the cost of a new build or 40% in London, funding the balance with a mortgage and repaying the loan when they sell.

One in 20 (5%) of those who have used the scheme had a total household income of more than £100,000.

However the most common household income bracket was £40,000 to 50,000, with 21% in this category.

The Government recently announced a further two-month extension for Help to Buy customers following delays caused by the pandemic. The extension will run to May 31.

Housing Secretary Robert Jenrick said: “Helping people get a foot on the housing ladder is central to the mission of this Government.

“Today’s figures show over 300,000 homes have been sold through our Help to Buy scheme which hugely benefits first-time buyers.

“Alongside other measures such as the stamp duty cut and new mortgage guarantee scheme, Help to Buy will continue to help more and more people to have a home that is truly their own.”

A new Help to Buy equity loan scheme for first-time buyers started on April 1 and will continue over the next two years.

Peter Freeman, chairman of Homes England, said: “Today’s milestone underlines how successful the scheme has been in helping people buy their own home.

“With the original Help to Buy scheme, and the new scheme aimed specifically at first time-buyers, we look forward to helping more people like Sam achieve their dream of home ownership.”