A recent report has found that those looking to make moves on the property ladder in Yorkshire and the Midlands are taking advantage of the government-funded Help to Buy scheme.
Housing experts FASThomes collated data from Help to Buy (Equity Loan scheme) and Help to Buy: NewBuy statistics: Data to 31 March 2018, England by The Ministry of Housing, Communities and Local Authority to determine which English counties have completed the most and least Help to Buy equity loan property purchases.
According to the report, over 169,102 properties were brought with an equity loan since the launch of the governments Help to Buy scheme in 2013.
Whilst the value of these properties sold using the scheme is estimated to be worth an enormous £42.23 billion, a whopping 81 per cent of total purchases have been made by first-time buyers. Although it has been announced that Help to Buy is set to run until 2021, the scheme has been under scrutiny with claims it’s enabling people who can afford to buy without the equity loan to climb onto the property ladder with just a 5% deposit, thus driving up property prices as a result.
FASThomes’ data was obtained by establishing which unitary authorities and county councils govern each county within England and then compiling the number of completed Help to Buy purchases from each governing body to work out the total sum within each county.
What are the results?
The West Midlands (7,074) and West Yorkshire (6,530) were two of the biggest regions to take advantage of the Help to Buy scheme when buyers were purchasing their first or second homes.
Leicestershire (5,177), North Yorkshire (4,692) and Tyne and Wear (4,566) also ranked highly in the list of UK counties. According to the data, South Yorkshire – covering Sheffield, Rotherham, Barnsley and Doncaster – had 3,855 purchases through the Help to Buy scheme.