In March 2013, the government launched its Help to Buy initiative to open the door to affordable home ownership for people right across the nation.
Help to Buy is a scheme that is transforming the housing sector, as people priced out of the open market are being given the opportunity to pick up the keys to their very own home.
The scheme offers buyers a five per cent deposit - half as much as the traditional 10% - meaning people stuck in the rental rat run are finally able to put enough money aside to get the ball rolling.
In addition, the government’s equity loan covers 20% of the property value, which is also interest free for the first five years.
Throwing a lifeline to frustrated buyers across England, it is no wonder that sales are soaring.
According to the most recent government figures, released in June this year, a total of 120,864 Help to Buy properties were purchased between 1 April 2013 and 31 March 2017.
Of these, the lion’s share of people (81%) were buying their very first property, equating to 97,578 first time buyers.
Help to Buy is available right across England, with each region being separated out into local authority areas.
Each region will have a Help to Buy agent, who can be contacted to get information on the latest properties in the area and how to make a start on the buying process.
The scheme is becoming a very popular choice for homebuyers up and down the country, but is a particular godsend for people living in London and the south, where house prices continue to be sky high.
However, popularity for the scheme is prominent all over England, both North and South.
According to the government figures, the most amount of Help to Buy sales were in Wiltshire, which had a total number of 2,021 sales.
This was followed by Central Bedfordshire, which had 1,710 sales, Leeds with 1,704, Wakefield with 1,611, County Durham with 1,574, and Bedford with 1,489.
Help to Buy can provide support on any property up to the value of £600,000, providing you meet certain criteria (outlined on p.7).
However, research from the recent government figures have revealed that- the average price of a property bought through Help to Buy was £236,041.
With properties up for grabs in all four corners of England, Help to Buy is a fantastic option for anyone, regardless of where they live.
Who knows? Maybe you’ve already saved enough to secure your dream home...