More than 376 families in Barrow & Furness have been able to realise their dream of home ownership thanks to the government’s right to buy schemes, new figures out today show.
Through the Conservative 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.
Conservative Spokesman for Barrow and Furness, Simon Fell, said:
‘This is good news for hundreds of families in Barrow and Furness who have been able to get the security of their own home through the Conservative 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.’
