The latest statistics released by the Ministry of Housing, Communities and Local Government have revealed that 2018 was another successful year for the scheme.
According to the figures released, over the period since the launch of the Help to Buy: Equity Loan scheme (1 April 2013 to 31 December 2018), 210,964 properties were bought with an equity loan. The total value of these equity loans was £11.71 billion, with the value of the properties sold under the scheme totalling £54.48 billion.
Most of the home purchases in the Help to Buy: Equity Loan scheme were made by First Time Buyers, accounting for 171,053 (81 per cent) of total purchases. The mean purchase price of a property bought under the scheme was £258,223, with buyers using a mean equity loan of £55,498.
In London, the maximum equity loan was increased from 20% to 40% from February 2016, and since then to 31 December 2018, there were 12,511 completions in London, of which 10,635 were made with an equity loan higher than 20%.