Help to Buy sales hit monthly high

Government figures report that 4,357 sales were made under the Help to Buy equity loan scheme in June, the highest monthly total since the scheme launched in April last year.

In total, 27,167 homes have been purchased under the equity loan initiative. The figures, covering April 2013 to June 30 2014, also show that first time buyers made up 85% of the sales at 23,167 transactions.

The average price of an equity loan home was £207,967 against a median equity loan of £41,413.

Housing and planning minister Brandon Lewis said that for the first time, sales data had been included in the figures, split by postcode to reveal how the scheme was benefiting areas across the country.

The Home Builders Federation executive chairman, Stewart Baseley, commented:

“Help to Buy is allowing people across the county to buy new build homes and if people can buy, builders can build. Indicators suggest increases in housebuilding activity in the region of 25% and the past year has seen the steepest increase in new housing starts for around 40 years.

“To ensure increases are sustainable, central and local government need to ensure the planning system responds accordingly and can meet demand in the long term.”

By David Mote, Editor