Government-backed schemes have supported over half a million households into home ownership since 2010. The Help to Buy: Equity Loan has helped nearly 184,000 households purchase a new-build home from its launch in 2013 until June 2018 and 81 per cent of sales were to first time buyers. The recent Evaluation of Help to Buy: Equity Loan from 2015 to 2017 found that 63 percent of first-time buyers were under 35 years old. Our reforms to Stamp Duty, introduced at Budget 2017, have already benefited 180,500 people who pay the tax.
But we understand there is more to do. The revised the National Planning Policy Framework places an expectation on local authorities that on major sites, 10 per cent of affordable housing provision should be dedicated to home ownership products, such as shared ownership, rent to buy or starter homes.