Help to Buy mortgages increase in popularity
Help to Buy is starting to deliver its intended objectives by supporting new housing constructions and helping more first-time buyers onto the property ladder, according to the Council of Mortgage Lenders (CML).
Figures released by the Treasury earlier this week show that just under 6% of houses bought in the last 15 months were purchased using Help to Buy schemes.
Paul Smee, director general at the CML, said: “It is reassuring to see the data confirming that Help to Buy is essentially delivering its intended objectives. The scheme is supporting new housing construction and is being used extensively by first-time buyers to purchase average-priced properties in all parts of the UK."
The average price of property bought through the Help to Buy mortgage guarantee was £153,148 compared to an average of £259,500 for all home purchases.
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