Member Article

Help to Buy aids 6,300 people across Yorkshire and the Humber become homeowners

The Government’s Help to Buy scheme has reportedly helped almost 6,300 people across the Yorkshire and the Humber buy a new home according to new statistics.

The scheme was introduced to support hard-working people who can afford a mortgage, but struggle to save the deposits required by lenders in the wake of the financial crisis.

In total across the country, more than 66,000 households have been helped by Help to Buy: mortgage guarantee and Equity Loan.

Help to Buy continues to benefit first-time buyers, with the vast majority of sales outside of London and at prices well below the national average.

The regional tally includes almost 1,000 in Leeds alone, which is higher than any other UK city.

Almost 600 householders in neighbouring Bradford have also taken advantage, along with 526 in Wakefield, 511 in Hull, 400 in Sheffield, 294 in North East Lincs, 233 in North Lincs and 187 in York.

Together with the government’s NewBuy scheme, which offers 95% mortgages for those buying new-build properties, the number of new home owners across the country has reached more than 71,000.

In Yorkshire and the Humber more than 380 people have taken advantage of the NewBuy scheme.

Figures reveal that 81% of Help to Buy sales are to first-time buyers, helping 54,000 into their first home - showing how although Help to Buy accounts for only for approximately 3% of overall house sales, the scheme is continuing to successfully target the people who need a helping hand to get on the housing ladder.

Prime Minister David Cameron said: “Getting the keys to your first home is a moment that no one forgets – it’s about being able to start planning for the future and enjoying the security that you’ve worked hard for.

“Today, Help to Buy has helped thousands of hard-working people buy a new home and enjoy the security and peace of mind that comes with that. And crucially, it’s playing a major part in increasing the number of new homes being built around the country – creating jobs and investing in communities.

“This is all part of our long-term economic plan to secure a better future for Britain – and, together with cutting income tax, lowering council tax bills and freezing fuel duty, the government is backing those who work hard and get on find the financial security they deserve.”

This was posted in Bdaily's Members' News section by Clare Burnett .