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In 2014, our team of residential conveyancers here at Howells helped to complete the first help-to-buy purchase in Wales. This was an extremely proud moment for our Swansea branch and the entire business, we have gone on to work on a number of Help-to-Buy conveyancing cases since, in fact by the time Help-to-Buy reached its 100th case Howells had dealt in over 30% of cases.  

Read more: Howells Helps to Complete the First Help-to-Buy Purchase in Wales 

A Brief Explanation of the Help-to-Buy Equity Loan Scheme

Help-to Buy equity loans are a government backed scheme which has been introduced to help get first time buyers on the property ladder. Perspective buyers should fill in a Help-to-Buy Wales application form in the knowledge that they will need to put down as little as a 5% deposit to secure their chosen property. 

The government will then provide an equity loan up to 20% of the purchase price, resulting with the buyer having a smaller mortgage. Although most Help-to-Buy cases use the maximum equity loan available, purchasers can borrow less. 

For more help and guidance on the Help-to-Buy equity loan scheme read our informative blog post: Your Guide to the Help-to-Buy Scheme in Wales.

Please note: This is different to and should not be confused with the Help-to-Buy ISA which was recently revealed to only pay out on completion of the purchase. You can learn more about Help-to-Buy ISAs here

 

 

Help-to-Buy Equity Loans in Numbers 

More than two years on since that first conveyancing case, what is the state of the Help-to-Buy scheme? Here are a few key government statistics from the first 3 years of the equity loan scheme (to 31st March 2016):

• 81,014 properties were bought (legal completions) with the support of the Help-to-Buy equity loan scheme. 

• 81% of total sales (65,474) were made by first-time buyers. 

• The average purchase price was £222,830.

In the first half of 2016 (January to July), Wales saw a considerable number of properties bought with aid of the Help-to-Buy scheme, showing it remains popular more than two years after its introduction. Between April and June 2016 the following was found:

• 568 property purchases were completed in Wales using a government shared equity loan. 3,655 have been completed in total in Wales since January 2014. 

• 171 new applications were submitted during this quarter and 575 loan applications were outstanding at the period’s end. 

• The total value of equity loans in Wales during this quarter equates to £21.3million, with the total value of the properties reaching £107.5million. 

• The average property bought using the Help-to-Buy scheme in this quarter cost £189,205.

• 78% of all completions were by first time buyers. 

 

Learn More About Help-to-Buy Equity Loans and Related Conveyancing Services

To view a number of resources on the Help-to-Buy options available to you and to read more about our specialist conveyancing services for this kind of purchase, take a look at our new build page here

To talk to one of our friendly conveyancers or to arrange an appointment, please free phone 0808 178 2773. 

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We are required under the regulations to provide our clients the following information:-
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  2. Our contact email address in case of a complaint under the ODR regulation – Andrea Coombes andrea.c@howellslegal.com