James Brokenshire has welcomed new figures showing that Help to Buy, the Government’s scheme to help people access an affordable mortgage with a small deposit, has helped 438 families to buy their own home in Bexley.
Across the country, Help to Buy has now enabled nearly 90,000 families to buy their own home with over 80 per cent of sales going to first-time buyers. This comes in the same week the Prime Minister committed the next Conservative Government to delivering 200,000 new Starter Homes by 2020 – good quality homes that will be sold at 20 per cent below the market price and be reserved for first-time buyers only under the age of 40.
A central part of the Government’s long term economic plan is to get Britain building again. House building is now at its highest level since 2007, increasing supply and meaning more people are able to get on in life and find a home of their own.
Commenting following publication of the figures, James said:
‘This Government has taken firm action to work towards our guiding principal that everyone who works hard should be able to have a home of their own. When we came to office, too many people couldn’t afford the huge deposit they needed to get on the housing ladder.
‘We weren’t prepared to let that continue, which is why we launched Help to Buy so people could get an affordable mortgage with only a 5 per cent deposit. This has helped across the country, but I am especially proud of the support the scheme has provided to families in Bexley to allow them to remain in the area they grew up in. It should not be forgotten that each and every family amongst the 438 that have been helped by the scheme locally, is a family that is able to enjoy the security and peace of mind that comes from owning your own home.”