I am pleased with new figures showing that Help to Buy has helped 436 people to buy their own home in South Derbyshire and help them make that first step onto the property ladder.
Help to Buy was introduced by the Conservatives to help working people doing the right thing and saving for a deposit to achieve their aspiration of buying their own home. Across the country, Help to Buy has now enabled nearly 120,000 families to buy a new home, less than three years since it was launched. 80 per cent of those helped are first-time buyers – realising the dream of owning their own home – and 95 per cent of completions have been outside of London.
The Chancellor has now said that the stronger economy and financial system means the Government expects banks to start to exit the Help to Buy Mortgage scheme, which was introduced in times of financial distress and will come to an end next year in any case. A new alternative is being introduced in December.
The Help to Buy shared equity scheme continues to go from strength to strength and the new Help to Buy ISA the Government is launching in December will provide generous support to those saving for their first home by providing a government boost on their deposit.
We Conservatives are committed to helping those who work hard and want to get on in life, and this is exactly what the Help to Buy Mortgage Scheme, as well as the Help to Buy ISA coming in December, is doing.
It has always been a part of our philosophy that Britain should be a property owning democracy which encourages and rewards hard work. Help to Buy has helped 436 of these hard-working families in our area to buy their own home and help give them the security and stability of a permanent roof over their heads.
The Help to Buy scheme has helped so many people across South Derbyshire and the rest of the UK that it is an unquestionable success and I look forward to seeing it go from strength-to-strength in the future helping more residents in our area based on the new Help to Buy ISA.