Help to Buy Scheme

Ministry of Housing, Communities and Local Government written question – answered on 24th June 2019.

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Photo of Andrea Jenkyns Andrea Jenkyns Conservative, Morley and Outwood

To ask the Secretary of State for Housing, Communities and Local Government, with reference to the National Audit Office report Help to Buy: Equity loan scheme published on 12 June 2019, what assessment he has made of the effectiveness of the Help to Buy scheme in supporting less well-off people to purchase property.

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

An independent evaluation of Help to Buy: Equity Loan commissioned by the Government found that that the scheme helped 75 per cent of customers to enter the market.

Most of the homes purchased through the scheme are made by first-time buyers, so far accounting for 171,053 (81 per cent) of total purchases.

The scheme helps those who cannot raise a large deposit, with 57 per cent of buyers paying only a 5 per cent deposit to purchase their home.

56 per cent of households who purchased a home through Help to Buy: Equity Loan have had a total household income of £50,000 or less.

The Government runs a range of schemes to assist people into home ownership, such as Shared Ownership and Right to Buy.

The number of completions by band of total household income is set out at Table 7 of the quarterly statistics on Help to Buy: Equity Loan to December 2018:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/798255/HTB_Equity_Loan_statistical_release_Q4_2018.pdf

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