Many buyers using Help to Buy scheme would have bought a home anyway – PropertyWire

Many buyers using Help to Buy scheme would have bought a home anyway – PropertyWire

Whitehead & Williams analysis of 2017 sales suggests that while 38 percent of first time buyers using Help to Buy could not otherwise have bought a home, that proportion was just 33 percent for home movers.1 This suggests that restricting the scheme to first time buyers would have a less dramatic impact than simply reducing transaction volumes.

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Help to buy equity loan scheme. The Help to Buy Equity Loan scheme is available to both first-time and next-time buyers (those who have bought a property before). The scheme is available on selected new-build homes sold by developers; you cannot buy a second-hand home on the open market using the scheme.

Significant numbers of people using the Government’s Help to Buy equity loan scheme in England would have been able to purchase a home anyway, according to a spending watchdog. Around one in 25 home buyers using the scheme had household incomes of over 100,000, the National Audit Office (NAO) said.

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The data show that 80% of the people who bought homes using Help to Buy were first-time buyers, and the average purchase price they paid was 229,608. In total, the government’s investment in the scheme is worth 4.6 billion.

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The Department loaned 518 million to buyers for these purchases. So far, 89 per cent of Help to Buy equity loan sales have been to first-time buyers. According to the NAO, the scheme appears to be helping buyers as intended, though the spending watchdog cannot say how many of those accessing the scheme would have bought a home anyway.

Help to Buy enables the government to subsidise the cost of home-buyers’ mortgages with prospective buyers getting up to 15 per cent of the purchase price of a new home.. Typically, this means that the government provides about 27,000 in equity for each home, although the average stake has been higher in the past.

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