Justin Tomlinson MP has welcomed new figures showing that Help to Buy, the Conservative scheme to help people access an affordable mortgage with a small deposit, has helped 15,317 families to buy their own home in the South West.
Across the country, Help to Buy has now enabled nearly 150,000 families to buy a new home. With 80 per cent of those helped being first-time buyers and 95 per cent of completions have been outside of London.
Help to Buy is part of our wider plan to create a million new homeowners by 2020/21. The housing budget has been doubled to £2 billion a year and Government-backed schemes are helping people into homeownership. Our plans are working with the latest figures showing that planning permissions are at an eight year high, with planning permission for new homes rising 6 per on a year earlier.
Aspiring home owners also have a boost from the Help to Buy: ISA which was launched in December 2015. The scheme provides first-time buyers with a bonus up to £3,000 to help them save for a home of their own and has already helped a quarter of a million first-time buyers.
Justin said: “We are helping people achieve their aspirations of having the security and stability of owning their own home, with Help to Buy turning dreams into reality.
“Help to Buy means people can get an affordable mortgage with only a 5 per cent deposit and it is welcome news that 15,317 families in the South West have already benefitted. The scheme continues to stimulate the housing market, so that we are building the homes people want and need.
“We are supporting people who want to work hard, to save and buy their own home, with Government-backed schemes making home ownership possible for hardworking families.”