The Office for National Statistics (ONS) has published Help to Buy equity loan statistics for the third quarter of 2020.
In England, completions in the three months to September 2020 were up 11% compared to the same period in 2019.
In Q3 2020 there were 13,211 properties sold through Help to Buy: Equity Loan, using a total value of equity loans of £945 million. These equity loans supported the purchase of £4.123 billion worth of property.
Of these 13,211 properties, 11,150 (84%) were bought by first-time buyers, using a total value of equity loans of £795 million to purchase property worth a total of £3,386 million.
The total number of completions in Q3 2020 were up by 127% compared to the previous quarter, which was severely hit by the first lockdown.
Vikki Jefferies, proposition director at PRIMIS Mortgage Network, said: “The government’s Help to Buy scheme continues to be hugely popular among borrowers – particularly first-time buyers. Take up of the scheme soared even further in the third quarter of 2020, with first-time buyers continuing to make up the majority of purchases according to today’s statistics.
“The extension to the completion deadline for the current scheme further reflects the borrower demand that we have seen recently and will go a long way towards helping first-time buyers achieve their homeownership goals over the coming weeks. Current demand is also likely to continue as the financial impact of Covid-19 on households becomes clearer and more first-time buyers look to take advantage of government support to help them get onto the property ladder.
“There is a real opportunity here for advisers. By supporting borrowers with their decision-making, advisers will ensure that borrowers are knowledgeable about the government support that is available to them. By sharing this information, advisers will be able to give first-time buyers the confidence they need to take their first steps onto the property ladder and ensure that, ultimately, this group can contribute to the ongoing recovery of the housing market.”