James Brokenshire has welcomed new figures showing that the Government’s Help to Buy scheme is helping hardworking people to buy their own home. In total, 129 people used the scheme to buy homes in Bexley between January and May 2014.
The Help to Buy provides additional funding for those individuals who can afford their monthly mortgage payments, but are struggling to find the money for the large deposits which are often required to buy property. Across the country over 27,000 people have been able to buy their own home thanks to Help to Buy, with 85 per cent of those helped first-time buyers.
Help to Buy is also giving builders the confidence to build, with the Equity Loan part of the scheme directly supporting demand for new-build homes. Since the scheme was launched, private sector house building is up 34 per cent and more new homes are now being built than at any time since 2007.
Commenting on the newly released statistics, James Brokenshire said:
“Help to Buy is helping responsible and hardworking individuals who need a little extra help to get on the housing ladder and achieve their ambition of owning their own home. The scheme is helping tens of people in Bexley each month and thousands more right across the country to get affordable mortgages that they can afford to pay back.”
“The scheme is also helping the construction industry access finance to build more new homes, which we will need if we are to keep future house prices as affordable as possible.”