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Help to Buy Scheme

Ministry of Housing, Communities and Local Government written question – answered on 6th September 2018.

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Photo of Andrew Rosindell Andrew Rosindell Conservative, Romford

To ask the Secretary of State for Housing, Communities and Local Government, what steps his Department is taking to improve the accessibility of the Help to Buy scheme for lower-income citizens.

Photo of Kit Malthouse Kit Malthouse Minister of State (Housing, Communities and Local Government)

Help to Buy: Equity Loan has helped almost 159,000 households buy a new-build home from its launch in spring 2013 until December 2017. The scheme enables prospective homeowners to buy a home with a deposit of 5 per cent. 81 per cent of sales have been to first-time buyers.

The majority (59 per cent) of the households using the scheme have had household incomes of £50,000 or less.

For people unable to afford to purchase a home fully, there is the option of shared ownership, by which they can purchase 25 per cent to 75 per cent of a home, with the option to buy further shares in their homes in minimum 10 per cent instalments, and in most circumstances, up to full ownership.

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