Latest figures on the Government's Help to Buy scheme show that 5,375 new homes were bought in the first six months of the initial phase's launch, with 92% of them being sold to first-time buyers.
The equity loan part of Help to Buy was launched in April, aimed at helping both first-time buyers and homemovers get a new-build home with the addition of a shared equity loan from the Government, meaning they'd only need a 5% deposit.
The figures, collated by the Department for Communities and Local Government (DCLG), show that the average price of a property bought under the scheme was £194,167, while the equity loan amounted to an average of £38,703.
Encouragingly, many house builders have reported positive news since its launch – last week Taylor Wimpey, for example, said it had already sold all of the homes it was building this year, while DCLG figures show that 18,050 reservations have been made for new homes being built.
Meanwhile, HSBC revealed yesterday that it will be launching two mortgages through the second phase of Help to Buy on Monday.
The lender will be offering two and five-year fixed rate products under the mortgage guarantee element of the scheme (which was launched in October) that will be available up to 95% loan-to-value.
The deals will be priced at 4.79% and 4.99% respectively – making them highly competitive when compared to similar products in this sector of the market.
They'll also be charging a low booking fee of £99.
Find out more about the two phases of the Help to Buy scheme by reading our guides: Help to Buy: Mortgage GuaranteeHelp to Buy: Equity Loan
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