More than 434 families in Thanet have been able to realise their dream of home ownership thanks to the government’s right to buy schemes, new figures out show.
Almost 600,000 more families have gotten a foot on the housing ladder since 2010 through Help to Buy and Right to Buy. This means 184 families using the schemes every day since the Conservatives came to power to buy a home of their own.
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 provide a 5 year interest-free loan of up to 20 per cent of the property’s value. Further help comes with Stamp Duty relief for first-time buyers, exempting most from it, another welcome boost.
Families across the country are benefitting from the schemes with more than 93 per cent of completions taking place outside of London.
Craig Mackinlay MP commented:
“This is good news for 434 families on the Isle who have been able to get the security of their own home through the Government’s Help to Buy schemes.
“We want as many people as possible to get a foot on the housing ladder, that’s why we have abolished stamp duty for 95 per cent of first-time buyers, boosted Help to Buy, and have an ambitious plan to build 300,000 new homes a year by the mid-2020s.”