How many first-time buyers used Help to buy loans in BCP

HUNDREDS of first-time buyers bought homes under the government’s Help to Buy equity loan scheme in Bournemouth, Christchurch and Poole last year, according to figures.

However, housing activists say the program “sticks a cast” on the inability to build enough housing nationwide, while doing nothing to help tenants with no savings.

Until March 31, the program allowed buyers to borrow up to 20 percent of the value of a new home built – up to 40 percent in London – on condition that they make a down payment of at minus 5 percent and the house does not cost more than £ 600,000.

Data from the Department of Housing, Communities and Local Government shows 200 loans were made to first-time buyers in Bournemouth, Christchurch and Poole using the program in the year through March, five fewer than the previous year.

They were among the 226 households in the region that benefited from the program, meaning that 88% of loans went to people buying their first home.

Across England, £ 4bn in Help to Buy loans were made in 2020-2021, when more than 55,600 households benefited from the program – a record.

More than four out of five were first-time buyers.

But Priced Out, which advocates for affordable house prices, said the fact that so many people have to borrow money to buy their first home shows a “failure” to control house price inflation.

Director Anya Martin said: “Prices have been rising faster than revenues for decades now, and all because we have failed to meet higher demand with higher supply.

“The government is not doing enough to ensure that more people can buy their first homes.

“They have the levers to stabilize or lower house prices, but instead of allowing more housing to be built, they continue to pump the market with more money.”

The Shelter for Housing charity said the government must focus on doing more for the “huge” number of people across the country who are closer to homelessness than to home ownership.

Housing Secretary Robert Jenrick said: “More than 55,000 households bought their homes with the support of Help to Buy Equity Loan last year: a banner year for the program, which helps young people and first-time people. first-time buyers feel the sense of pride and accomplishment that comes with owning your own home.

He added that the government was doing everything possible to make the purchase of housing an “affordable and realistic ambition”, through various programs, including Assistance to the purchase.

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