Mon 08 Sep 2014

Help to Buy 'gives boost to first-time buyers'

First-time buyers are particularly benefiting from Help to Buy.

New government figures have highlighted the considerable boost that the ongoing Help to Buy scheme has given to first-time buyers up and down the country.

According to the latest statistics from HM Treasury, more than 48,000 people have received support from Help to Buy to purchase a home since the launch of the initiative last year, with 82 per cent of participants being first-time buyers.

The average purchase price for properties receiving Help to Buy support stood at £187,800 - considerably below the national average of £265,000.

Meanwhile, 94 per cent of all people to have taken part in the scheme to date have made purchases outside of London.

Responding to the results, chancellor of the Exchequer George Osborne commented: "Help to Buy is working exactly as we intended ... It's a key part of our long term economic plan, which is supporting hard-working people to secure a better future for their families."

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