Richard Benyon, Member of Parliament for Newbury, has welcomed new figures which show that the Government’s flagship ‘Help to Buy’ policy has aided 225 people in buying their own home in the Newbury constituency.
Help to Buy was introduced by the Conservatives to help working people achieve the aspiration of buying their own home. Nationally, the scheme has now enabled 120,000 families to realise this dream, less than three years since its launch.
Richard said: “This policy has clearly been a huge success in the Newbury constituency. I am even more pleased that, nationally, 80 per cent of those helped are first-time buyers”.
He continued: “As of 1 December, the Help to Buy ISA will start supporting those who are working hard to save up for a deposit for their first home. This is a further incentive from Government to help the next generation of home owners”.
· Help to Buy has helped nearly 120,000 families buy their own home. More than118,000 people have been helped to buy a home through the three parts of Help to Buy: the Equity Loan, Mortgage Guarantee and New Buy schemes (HM Treasury press release, 9 September 2015, link).
· Most of the people benefitting are first-time buyers.80 per cent of sales have been to first-time buyers, helping to create a new generation of homeowners (Ibid.).
· Help to Buy is supporting responsible lending.The average price of a house purchased through Help to Buy is £186,000 - well below the UK average price of £277,000. In addition, 95 per cent of sales have been outside of London, with the highest number of homes bought through the mortgage guarantee scheme in the North West (Ibid.).