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HTB 'helps 88,000 home buyers'

By Wesleyan

A scheme which helps people take out a mortgage has assisted nearly 90,000 adults in getting onto or climbing the housing ladder, ministers have reported.

The Help To Buy (HTB) project was launched with the aim of aiding people who could not meet lenders' large deposit demands in the recession's aftermath.

A total of 88,420 people have now been helped to purchase new homes since the Government's flagship property scheme began.

The mortgage and equity loan guarantee programmes have seen first-time buyers account for a large majority of the uptake. They represent three quarters of the home buyers.

New-build properties have accounted for many HTB completions, with 94 per cent also occurring outside the capital.

The typical HTB home has cost £185,000, substantially under the £272,000 nationwide average.

The Government said the new uptake figures are proof of the scheme's effectiveness.

Copyright Press Association 2015

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