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Jump in people taking steps to get into home ownership

Jump in people taking steps to get into home ownership
3 min read

Housing and Planning Minister Brandon Lewis MP writes for PoliticsHome about the increase in people saving for a deposit following the launch of the Own Your Home campaign last year.

Since the launch of the home ownership campaign we have seen a surge in the number of first-time buyers who believe the Government is doing more to help them own their own home - a jump of 10% in a matter of months.

The survey also found that three quarters of people dream of owning their own home, with nearly half of those asked saying it is now easier to become a first-time buyer.  

It’s clear that more people than ever are looking to schemes like Help to Buy to achieve their dream of home ownership and this is good news.  

The figures show how Government backed schemes are helping people into home ownership, that it is no longer seen as just an aspiration but something they can achieve.  

And we are determined to go even further to meet people’s dreams and fulfil our ambition to deliver one million new homes.

That’s why we have got the country building again with housing starts and completions at a 7 year high and we’ve helped over 270,000 people get into home ownership – because schemes like Help to Buy have given builders the confidence to invest and build.

Further findings also show a 7% increase in first time buyers putting money away for a deposit.

We have already seen more than 250,000 people open a Help to Buy: ISA since its December launch.  That’s 1 person opening an account every 30 seconds and equates to more than 3,000 people signing-up a day.

With the help of the ISA first-time buyers can save up to £200 a month towards their first home and the Government will boost their savings by 25%, or £50 for every £200, up to a £3,000 bonus.

And for those living in the capital we launched London Help to Buy in February which allows Londoners to buy a home with just a 5 per cent deposit and a mortgage as low as 55 per cent. There has been huge interest and more than 15,000 expressions of interest in the first week alone.  

This all follows the move by Government to double the housing budget to deliver 400,000 new homes - the biggest affordable house building programme by a government since the 1970s.  And a move that wil provide a big boost to the number of starter homes and shared ownership properties.

We know there is more work to be done to get the homes built people want to buy but it is great news that people are really seeing the opportunities available for getting into ownership.

That is why we have launched the campaign, to ask anyone who believes ownership is out of reach to think again, and visit the Own Your Home website and look at the wide range of support on offer.

If you want to find out more details for any of the schemes listed, and others available to you, visit www.ownyourhome.gov.uk .

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