Member Article

Help to Buy scheme creates over 3,500 North East homeowners

The Housing Minister, Brandon Lewis, has revealed that the Help to Buy schemes have created 3,562 homeowners in the North East of England.

The scheme, which created 54,000 homeowners across the country, has helped more and more people get on the property ladder as well as getting more homes built.

Housebuilding and the Help to Buy schemes are key parts of the Government’s long-term economic plan.

39,000 households bought new-built properties through the Equity Loan and NewBuy options, whilst 15,000 households were bought through the Mortgage Guarantee.

Around eight out of 10 sales went to first time buyers and as a direct result thousands of new homeowners were created and private house building starts rose by a third.

House building has climbed to the highest level since 2007, construction output has seen the sharpest expansion for eight months, and companies are now taking on workers at the fastest rate since 1997.

Stockton was the area in the region to benefit most from the scheme as 457 equity loans were taken.

Housing Minister, Brandon Lewis, said: “Today’s figures clearly demonstrate the continuing success of the Help to Buy in supporting creditworthy, hardworking people who want to buy a home of their own.

“Over 54,000 new homeowners have now used the schemes as a valuable alternative to the Bank of Mum and Dad, enabling them to buy with a fraction of the deposit they would normally require.

“But it’s also got Britain building and since the scheme’s launch private housebuilding starts has increased by a third.”

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