Philip Dunne MP has welcomed new figures showing 144 families in South Shropshire have been able to realise their dream of home ownership thanks to the government’s right to buy schemes.
Through the government’s Help to Buy and Right to Buy schemes, almost 600,000 more families have gotten a foot on the housing ladder since 2010. This means 184 families using the schemes every day since the Conservatives came to power to buy a home of their own.
The statistics show that 98,461 families have used the Right to Buy their council home. 494,108 families have used Help to Buy to get a foot on the housing ladder across England.
Help to Buy has two main schemes. One 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. Another scheme, the equity loan, means buyers only need to raise 5 per cent of a property’s value for a deposit and the government will stump up a loan of up to 20 per cent of the property’s value which is interest-free for five years.
Families across the country are benefitting from the schemes with more than 93 per cent of completions taking place outside of London.
Mr Dunne said:
‘Home ownership should not be an impossible dream for young families in South Shropshire, and the government is playing an important role in helping young people get a foot on the housing ladder through the Help to Buy schemes. I am particularly pleased we have seen 144 property completions using the Help to Buy scheme in South Shropshire.
I want as many people as possible in South Shropshire to gain the security of owning their own home. So I welcome the abolition of stamp duty for 95 per cent of first-time buyers, boosted Help to Buy, and ambitious plans to build 300,000 new homes a year by the mid-2020s.’