Nearly 600 families in Tamworth and over a thousand in Lichfield have been able to realise their dream of home ownership thanks to the government’s help to buy schemes, new figures out on 30 April 2019 show.
Through the Conservative government’s Help to Buy schemes, more than 400,000 families have gotten a foot on the housing ladder since 2010. Families across the country are benefitting from the schemes with more than 84 per cent of completions using the Help to Buy ISA taking place outside of London.
Help to Buy has two main schemes. One scheme, the equity loan, means buyers only need to raise 5% of a property’s value for a deposit and the government will stump up a loan of up to 20% of the property’s value which is interest-free for five years. This scheme has helped 248 families in Tamworth and 633 families in Lichfield buy their home.
Another Help to Buy scheme allows future first-time buyers to take out an Individual Savings Account (ISA) which pays out a government bonus of up to £3,000 towards the cost of a new home. In Tamworth the Conservative Government have helped 334 and in Lichfield 388 families to buy a home.
And in more good news for first-time buyers, 288,300 people have been able to achieve their dream of ownership thanks to our stamp duty reforms, new statistics show. First time buyers have saved £680 million following changes announced by the Chancellor in the Budget 2017. The reforms mean 8 out 10 first time buyers now pay no stamp duty at all – benefitting almost all first-time buyers and providing the security that comes with a home.
This is fantastic news for people living in my constituency who have been able to get the security of their own home through the Conservative Government’s Help to Buy schemes. We are also helping first time buyers by cutting stamp duty and running shared ownership schemes so that more young people get the keys for their first home. Home ownership is no longer a pipe dream for the few as these figures show and it’s proof that the Conservatives are helping more people to get on the housing ladder and have a safe and secure home.
If you are a first time buyer looking for what support may be available to you, visit www.helptobuy.gov.uk to see what's on offer.