County Durham among top six for Help to Buy

County Durham among top six for Help to Buy

New statistics released by the government have revealed that County Durham has made the national top six for Help to Buy equity loan completions.

A total of 803 households including 710 first time buyers, have benefitted from the government-backed scheme which enables people to purchase a new build home with a5% deposit.

The scheme started in April 2013 and has proved popular with buyers across the region. Other hotspots include Newcastle with 461 completions and Sunderland with 406.

Help to Buy NEYH manager, Sophie Gilligan, said: “The Help to Buy scheme has helped hundreds of first-time buyers onto the property ladder.

“Without the scheme many people would have would’ve needed to save for a lot longer, or wouldn’t have been able to buy a home which was right for them.

“We’re really pleased that demand in County Durham has been so high – developers have been really keen to sign up to the scheme and it’s a great deal for buyers.”

With a Help to Buy equity loan the Government lends buyers up to 20% of the cost of a new-build home, so they only need a 5% cash deposit and a 75% mortgage to make up the rest.

Help to Buy NEYH is the government agent for the Yorkshire and Humber Region and the North East.