Help to Buy announcement

 

This year at conference the Conservatives have committed to supporting over 130,000 more families to buy their own home by investing a further £10 billion in the Help to Buy: Equity Loan scheme.

 

Finding a deposit is still one of the biggest hurdles people face to owning a home. So this week we have announced a £10 billion boost to the Help to Buy: Equity Loan Scheme, which will provide around 130,000 more families with a low-interest loan towards their deposit. We want to capitalise upon the substantial progress we have already made in the housing market. The number of first time buyers rose by 70 per cent between 2010 and 2016. Nearly 340,000 first time buyers took out mortgages in 2016, compared to just under 200,000 in 2010.

 

The key to fixing the housing market is not only helping first time buyers with financing a purchase, but also building more homes – that’s why the Conservatives are delivering 1 million more homes by the end of 2020.

 

There are 185 people in Norwich North alone who have already made use of the Help to Buy: Equity Loan Scheme to get onto the housing ladder. This new support will mean that even more young and aspirational people can get their first home.