Government backed housing schemes benefit 100,000 households
Over 100,000 households are being helped onto the property ladder thanks to government backed schemes according to Community Secretary Eric Pickles (24th February 2014).
These households are being helped by both the Right to Buy and Help to Buy government backed housing schemes.
Right to Buy
- In the region of 24,000 tenants have achieved their dream of home ownership through the Right to Buy government backed scheme, the majority of these sales have been since the government reinvigoration of the scheme in 2012
- Almost 41,000 households have been able to buy their home through shared ownership schemes
- The revamped Right to Buy scheme, launched in April 2012, offers eligible tenants discounts of up to £75,000 off the value of their home, this rises to £100,000 for properties in London
- A total of 2,845 properties were sold between October and December 2013 an increase of 42% over the same period in 2012
- Right to Buy sales since April 2012 have generated £300 million in receipts which is being used to build new affordable houses to rent with over 2,000 in the pipeline
Help to Buy
- Almost 48,000 people are being assisted in buying their home through the Help to Buy government backed scheme, over 41,000 of these in new build homes
- In the first 10 months of Help to Buy:equity loan scheme there were 25,247 reservations and 14,823 sales of new build properties
- 6,000 offers have been made through the Help to Buy:mortgage guarantee scheme which is available for new build and existing properties
- The average price of properties bought under the scheme is £184,000
- 89% of purchases were by first-time buyers
The support of these schemes has also impacted on house building
- Over 400,000 homes have been built since 2010
- New home starts in 2013 totalled 122,590 an increase of 23% on the previous year and the highest number since 2007
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