Younger first-time buyers use Help to Buy

Posted on Wednesday, October 5, 2016

The median age of first-time buyers using the Help to Buy scheme is lower than the open market, quarterly statistics published by The Treasury show.

Figures indicate a median age of 28 compared to 30 on the open market.

A total of 86,341 people were helped to buy using the scheme between 1 December 2015 and 30 June 2016. Since its launch, 79% of transactions registered with the scheme were purchases made by first-time buyers.

The mean value of a property completion in the Help to Buy: ISA scheme was £167,250, compared to the average UK house price of £216,000.

The highest proportion of property completions supported by the scheme occurred in the North West, Yorkshire and the Humber and East Midlands, with a lower proportion in the North East and Northern Ireland.

78% of bonuses paid were in England and this supported 79% of total property completions through the scheme. London and the South East received 14% of total bonuses paid and made up 15% of total property completions.

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