First-time buyers benefit from Help-to-Buy
Buying a property for the first time can be a daunting experience. However, government Help-to-Buy (HTB) Equity Loan schemes have been an essential support system for first-time buyers (FTBs) in England and Wales since their introduction in April 2013 and January 2014, respectively. Heenay Joshi Property Experts takes a closer look at how this initiative has transformed the property landscape for FTBs.
Key Figures and Impact on First-Time Buyers
- Beneficiaries of the Scheme: Over 265,000 FTBs in England and Wales have benefited from the HTB Equity Loan schemes, underscoring their significance in promoting home ownership among new buyers.
- FTB Dominance: An impressive 82% of all HTB equity loan property purchases from April 2013 to December 2020 have been made by FTBs.
- Deposit Requirements: In England, 58% of FTBs purchase with the minimum 5% deposit, while 23% have a deposit between 5.1% and 10%. This demonstrates the scheme’s flexibility and accessibility.
- Price Statistics: The average FTB HTB property price in England is £311,635, a notable £50,000 less than for non-FTBs, offering considerable savings.
Resilience During Challenging Times
Despite the market closure in 2020, FTB HTB purchases were only 5% lower than in 2019. In fact, 17,700 completions occurred in the final quarter, virtually doubling the 5-year quarterly average from 2015 to 2019. This resilience speaks volumes about the scheme’s continued relevance and appeal.
The Help-to-Buy Equity Loan schemes have proven to be instrumental in aiding first-time buyers in England and Wales, offering them not only financial advantages but also confidence in their journey to home ownership. The statistics reflect a positive picture of accessibility and affordability, which are vital in today’s property market.
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