22,000 homes have been bought through Help to Buy

Some 22,000 homes have been bought through Help to Buy.

Almost 20,000 of them are new homes bought using the Help to Buy equity share scheme launched just over a year ago.

By the end of March 31, a total of 19,394 new-build homes had been bought. The average price was £184,995 and almost all the buyers (87.5%) were first-time purchasers.

Separately, Mortgage Advice Bureau has published new analysis on the average deposit put down by Help to Buy purchasers of new homes.

In March, they put down an average of £13,031, one-fifth of the average £61,325 put down by buyers outside the scheme.

The average price of a Help to Buy new-build purchase in March was £187,760, while the average purchase outside the scheme was £217,158.

Mortgage Advice Bureau said it meant that an average deposit for a Help to Buy new homes purchaser was the equivalent of six months’ take-home pay, rather than two years.

Under this phase of Help to Buy, borrowers can take out up to 20% equity loan – which they must repay.

Up-to-date figures are not yet available for the second phase of Help to Buy, available on both old and new properties, and which takes the form of a mortgage guarantee to protect lenders.

However, between its launch in October to January 31, it generated 2,572 sales. The average house price under this part of the scheme was £148,048.

Housing minister Kris Hopkins said: “Thousands of people have now achieved their dream of becoming home owners through Help to Buy.”