Government figures have confirmed that the Help to Buy equity loan scheme has generated 32,268 sales since its launch in April 2013. The Department for Communities and Local Government’s latest figures cover the period from 1 April 2013 to 31 August 2014 and showed that the total number of sales were once again up in August from the 29,829 sales recorded to the end of July.
Most of these sales (84 per cent) were to first-time buyers and the average property purchase price was £210,269.
The continued success of the Help to Buy initiative to convert new home build into new homes sales could be a contributory factor to recorded private sector homebuilding growth. According to the NHBC the private sector continues to lead homebuilding growth with a nine per cent increase in registrations for private homes recorded from June to August 2014 compared to the same period last year.
Public sector registrations have dipped two per cent to 8,745 compared to last year. However, the NHBC believes that:
“Volume in the public sector will begin to improve once funding is agreed and allocated as part of the second phase of the National Affordable Housing Programme.”