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Over 80% of Help To Buy: Equity Loan purchasers are first timers

Over 112,000 properties have been purchased through the Help to Buy: Equity Loan scheme since its launch in 2013 - and more than four out of five buyers are former tenants purchasing their first homes.

In figures collated up to the end of 2016, the government says 112,338 properties were bought with an equity loan.

The total value of these equity loans was £5.34 billion, with the value of the properties sold under the scheme totalling £26.22 billion.

Most of the home purchases using the scheme were made by first time buyers, accounting for 90,724 - or 81 per cent - of the total.

The mean purchase price of a property bought under the scheme was £233,403, compared with a mean equity loan of £47,549.

In London, the maximum equity loan was increased from 20 per cent to 40 per cent from February 2016 and since then to December 2016, there were 2,381 completions in London, of which 1,556 were made with an equity loan higher than 20 per cent.

For the Help to Buy: NewBuy scheme, 5,695 house purchases were made since its launch in March 2012.

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