Home buyers using Help to Buy scheme near 13,000

Almost 13,000 home buyers have used the first phase of the Government's Help to Buy scheme to purchase a new-build home in the scheme's first nine months, according to government figures.

Estate Agent's boards as lenders expect a significant further increase in mortgage availability Credit: Anthony Devlin/PA Wire

Figures released by the Department for Communities and Local Government (DCLG) showed there have been 12,875 sales of newly-built properties through the Help to Buy equity loan scheme in England since its launch, with a further 6,446 sales in the pipeline.

The Government said the equity loan scheme, which helps first-time buyers and home movers to buy a newly-built home with a deposit of at least 5% of the property price, while the Government offers a loan of up to 20%, had created 46 new home owners every day since its launch.

A second phase of Help to Buy, covering the whole of the UK, was launched in October and offers state-backed mortgages to people with 5% deposits who want to buy a new-build or an existing home.