The Government’s Help to Buy project that launched in 2013 has enabled more than 7,500 people living in the South East to complete their property purchase, according to recent reports.
New statistics show that the scheme has been utilised by over 48,000 people, and that 82% of completions were undertaken by first-time home buyers. Following the implementation of changes enforced by the Financial Conduct Authority after the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review, some analysts felt there may have been a reverse effect, as opposed to this increase in completions.
Areas outside London saw over 94% of the transactions, the highest volume being seen in the UK’s South East with a record 7,501. With the national house price average sitting at £265,000, the Help to Buy average was lower at £187,800.
Chancellor George Osborne has said that the scheme is working as it should be, and fulfilling its objectives by helping new buyers take that first step onto the property ladder. He added:
“It’s a key part of our long term economic plan, which is supporting hard working people to secure a better future for their families. Importantly, Help to Buy is also driving a big increase in house building in Britain, boosting the construction industry and increasing housing supply.”
The Treasury’s chief secretary, Danny Alexander, also said that the results confirm the commitment of the Government to allow as many people as possible to own their own home.
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