60% of English postcodes still have no ‘Help to Buy’ homes
Two years after the launch of the government’s ‘Help to Buy’ mortgages in the UK, almost two thirds of postcodes have yet to experience any completions using the scheme.
According to a new resource map based on detailed information from HM Treasury, 1,261 out of 2,117 postcode districts have seen no one using the scheme to buy a home since it launched in April 2013. This is despite there being over 400,000 eligible homes across the country during that time.
The map highlights the areas where Help to Buy 1 or 2 options were used to purchase properties, with large swathes of the countryside remaining blank. In the Ipswich and Suffolk areas, the numbers are a little more encouraging.
Ipswich has seen 157 total completions, with 59 type 2 mortgage guarantees and 98 type 1 equity loan completions. In Suffolk, the numbers are smaller, with 57 completions (23 type 1 and 34 type 2) but there is room for improvement.
In total, since the scheme began there have been 52,691 completions using Help to Buy, so it is clearly working in some areas more than others – with 42% of postcodes still waiting for their first purchase. According to the information that has been compiled, the most successful Help to Buy city is Leicester, with 892 completions. MK42 in Bedford has the most postcode area completions at 309.
What the resource map seems to show is that the big ambitions of Help to Buy are yet to be fully realised across the UK, although there is some definite success in some areas.
In the Ipswich and Suffolk region there has been some uptake but there is plenty more scope for home purchase options on the scheme. Would you consider the Help to Buy Scheme to get you onto the housing ladder?